S&P Nifty (5195.50 points) (+105.85 pts)

The Bulls commanded by wrapping up over 100 points gain in theNifty. Markets were jittery ahead of the RBI policy but held onabove the 5073 points (S1). Positive outcome of the policy andanother for the IT pack set the ball rolling for the Bulls. Amongsectors Banking, IT and Realty stocks rallied and with Reliancejoining the bandwagon we saw smooth transit upto 5200 points. TheA/D ratio was positive with increase in the volumes.Target of 5220 points (breakout above the 4620-4920 points range)was almost achieved while the monthly R2 at 5237 is at a strikingdistance. If it sustains above 5237 points, next level is at 5302-5335points. Genuine profit taking if any should not decisively breach4989-4998 points zone for the upward bias to remain intact.Intraday, the 5164 points is the pivot in the Nifty. Resistance onthe upside is pegged at 5243 and up at 5285-5303 points area.Crucial sup port is at 5115 points while the Bears need to breakbelow 5073 points to threaten the Bulls. Auto stocks are stilllagging; a catching up action is expected. Those holding longsshould follow up with trailing stop loss.