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European markets, which opened after the Indian market, traded on a mixed note. Key benchmark indices like – CAC 40 was trading higher by 0.03% at 3,973.52 and FTSE 100 advanced by 0.06% at 5,904.04. On the flipside, in Frankfurt, the DAX index was trading down by 0.24% at 6,929.40.

The BSE Auto index was at 8,982.42 up by 134.42 points or by 1.52%. The major gainers were Tata Motors Ltd (Rs. 1220.30, 3.25%), Maruti Suzuki India Ltd (Rs. 1201.80, 1.69%), Cummins India Ltd (Rs. 663.40, 1.65%), Apollo Tyres Ltd (Rs. 69.30, 1.39%) and Bajaj Auto Ltd (Rs. 1399.30, 1.35%).

The BSE CG index was at 13,184.49 up by 165.5 points or by 1.27%. The main gainers were Larsen & Toubro Ltd (Rs. 1639.20, 2.56%), Alstom Projects India Ltd (Rs. 570.10, 2.25%), Praj Industries Ltd (Rs. 73.80, 1.44%), Punj Lloyd Ltd (Rs. 64.35, 1.26%) and ABB Ltd (Rs. 790.75, 0.91%).

On the corporate front, shares of Marico Ltd surged by 2.72% to Rs. 134.10, at the back of the news that the company has divested Sweekar to Cargill India. Sweekar was contributing only 5% to the company’s revenue and was low margin business. Selling it would now help the company focus on launching new products under the high margin and value added Saffola range.

As far as, extreme short term charts are concerned, Nifty has achieved the bullish targets of 5650-5700 which were set after it gave bullish breakout from a "Declining Channel" pattern having resistance at 5500. 

Now after a rise of nearly 355 points in last 6 consecutive sessions, Nifty has entered in overbought zones with negative divergences in no. of momentum oscillators which can initiate corrective decline to 5625 & 5580 which may be achieved soon. 

There are 2 breakout gaps also which need to be filled. On the bullish side, Nifty can touch 5975-6000 in coming few weeks. Therefore anticipated corrective decline may be used for positional buying with broad SL of 5500.

As far as bar reversal in Daily charts are concerned, stock like Hind Oil, Cipla, TVS Motors, Great Offshore, ACC, GMR Infra, MLL, India Infoline, PTC, Oswal Chem have given "Upward Bar Reversal" while Reliance Ind., Tata Steel, DLF Ltd., Grasim, Kotak Bank, HDIL, Voltas Ltd., Renuka Sugar, Aban Offshore, BPCL etc. have given "Downward Bar Reversal". Stocks like PBA Infra, Sterlite Ind., Archies, Parsvnath, Koutons, LML, U Flex, LIC Housing, Action Const., Atlas Cycles have shown  spurt during the day with unusually high volumes.
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