Mumbai: Volatile! That would be the best way to describe on Wednesday's session ahead of the outcome on Greece's debt deal. The Nifty made many attempts at reaching the 5,400 level but was met with resistance throughout.
After an extremely fickle last hour, the Nifty closed the day at 5,368 gaining 33 points while the Sensex too put on 84 points to shut shop at 17,707.
The market managed to recover all of on Tuesday's losses, supported by technology, metals, capital goods stocks, and Reliance and SBI. However, experts remain cautious on the market now after its stunning performance since day one of 2012.
Aditya Agarwal, Senior Derivative Analyst at Way to Wealth said one should wait to make fresh long positions at these levels. According to him, 5400-5450 band is crucial resistance for the Nifty as there has been call writing at 5400 and 5500 level.
Alok Sama, president and founder, Baer Capital Partners feels that it is good time to book profits. He says that the markets are seeing a liquidity-driven rally and he expects this rally to fade going ahead. "One needs to be cautious on the market now," Sama says.
Global markets too were on the higher side on hopes that the Greece debt deal may get done on Wednesday. Greek officials reportedly have agreed on a draft deal and the proposal will be presented to Greek party leaders on Wednesday.
Asian markets closed sharply higher; Shanghai and Taiwan climbed over 2-2.4per cent. Hang Seng, Nikkei and Kospi gained 1-2per cent. European markets too were up 0.3-1per cent.
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