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Sensex near day's high led by auto shares; Fed meet eyed

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Sensex near day's high led by auto shares; Fed meet eyed

 

 Markets have extended gains amid firm global cues, and are on track for third straight day of gains.

Meanwhile, market participants across the globe are eagerly awaiting the outcome of the US Federal Reserve's two-day meet which ends later today.
At 12:30 pm, the S&P BSE Sense is higher higher by 201.39 point at 25,529 and the Nifty 50 has gained 54.50 points at 7,775.40.
According to Angel Broking's morning report, "Yesterday’s upmove was very much on our expected lines as we had mentioned about few positive developments on smaller degree charts.
Our first target of 7,700 was met during the session and considering the ongoing momentum, a possibility of extending this move towards 7,750 – 7,800 cannot be ruled out.
The report further adds, “Traders holding long positions should now trail their stop loss higher at 7,620 (tad below yesterday’s low of 7,625.10). We witnessed a lot of stock specific action during yesterday’s session, which we expect to continue in today’s session as well. Thus, traders can also focus on individual stocks with a proper exit strategy."
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