The market ended with moderate gains on Wednesday, the day before the counting votes of the general elections.

The market ended with moderate gains on Wednesday, the day before the counting votes of the general elections.

The Sensex rose 140 points or 0.36 per cent to close at 39,110, while the Nifty gained 29 points or 0.25 per cent to end at 11,738.

Earlier in the day, the S&P BSE Sensex gained as much as 279 points to touch intraday high of 39,249.08, while the Nifty touched high of 11,785.

Fifteen of 19 sector gauges compiled by BSE ended higher led by the S&P BSE Bankex Index's 0.9 per cent gain and Finance, Industrials, Auto, Oil & Gas and Realty sector saw buying.

The Mid-Cap and Small-Cap shares ended on a mixed note as the S&P BSE Mid-Cap Index fell 0.2 per cent and the S&P BSE Small-Cap rose 0.5 per cent.

Sun Pharma, Bajaj Auto, Bharat Petroleum, Eicher Motors, Hero MotoCorp, Bharti Airtel, CIL and Tata Motors were also among the gainers, while Tech Mahindra, Indiabulls Housing Finance, Bharti Infratel, Yes Bank, Zee Entertainment, Wipro and Cipla were among the losers.

Technical View

"We must accept the fact, the forthcoming session is likely to see roller coaster rides and the overall trading range would probably be considerably higher than average range. Momentum traders are advised to stay light and would be necessary to remain flexible in case of any adverse reaction. We would like to highlight a notable observation about the overall structure of the Mid-Cap index," said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking.

"We absolutely believe Nifty will cross 12,000 if NDA manages to secure a majority. However if this doesn't happen and there is a hung parliament, or UPA comes into power, we can expect to see a huge correction in the markets over the next couple of days. In such a scenario, if the Nifty breaches its last week low of 11,050 which also happens to be its current 200 DMA, then we can see further downside movement up-to 10,450 where we see the next support, said Amit Gupta, Co -Founder and CEO, TradingBells.

Market View

"Nifty closed in the positive territory in the last trading session and with that it seems that the wave 4 on the daily charts seems to have got over. The Index has taken a good support at its 23.6 per cent retracement levels and wave 5 up is still pending which will eventually get the Index well above 11,900 levels. The crucial support is pegged at 11,500 levels," said Jay Thakkar, CMT Head Technical and Derivatives Research — AVP Equity Research, Anand Rathi Shares.