After see-sawing wildly for most of the session, boosted by a stellar show by the banking stocks, the markets posted a late recovery and closed in the green. The Nifty closed at 4,079, up two points, while Sensex shut shop at 13,781, up 16 points

Sharmila Joshi at Asit C Mehta Securities believes that by the end of this month the market will still have a shot at its all time high and sees it trying for that high in the next couple of days if things go pretty much according to plan or expectation.

Further on Joshi said that the bounce back in the market after its volatile session came as a relief. Wednesday was quite a surprise according to her, because buying emerged not just in frontline stocks but also selectively in a lot of midcaps, especially, the banking side. “The last half an hour worked as a positive for the market”, she says, though she wishes, the IT pack had joined, alongside the oil marketing companies’ moves, which resulted in net-net, a reasonably good close, after two bad days.

She expects the markets to go up from these levels, as there aren’t too many negative indications. With the results reason behind, the pace may be a little slow, but the markets are expected to generally move up.

As to whether the sudden strength seen in the market was because of consolidation or were the traders awaiting some news from global markets post the Fed meeting, Joshi felt, "It could be both; I think traders are definitely positioning themselves. You have seen buying coming in the last half an hour. But at the same time I think if all things are good with the developments today as well as on Friday then may be we could just continue the upsurge from there. So I hope it signals both."

Once the big Fed meet is out of the way, a call will also have to be taken on some of the IT stocks, because they have stayed depressed. She feels that the rupee would be worth watching for. She advises to selectively look at some of the other sectors. Banking and other slightly more niche stocks are the ones that she feels need to be given a closer look as those are ones that can give good performance going ahead.

While, Nirav Sheth’s, who is Head PMS, BRICS Securities, view on the market remains unchanged. He thinks there is nothing to get either bullish or bearish about, essentially, on the Sensex stocks. “As the bulk of the rally has been contributed by the top six or seven stocks, outside of those stocks, you are virtually in a bear market”, he explains.

Hence, he wouldn’t be surprised if the leaders start losing ground, which is when, there will a broader participation from midcaps and smallcaps.