Yesterday bulls fought for territory and won the battle.

It was after few days of sulking and struggling that bulls finally came up the winners. Till Thursday, they were fighting losing battles.

Nifty on September 30:

The move from the low point to the high was 439.4 points which is big even in the present volatile times.

Really a good day for the index.

BANKNIFTY on September 30:

BANKNIFTY outperformed the benchmark NIFTY by moving up 2.61%.

Nifty gain was 1.64%.

The day might have come as a relief to those with a bullish outlook about the market. Once again, we shall hear talks about move to 17500 and then to 18000 by Diwali which is not very far away. And it is possible.

If NIFTY can go down 700 points in September series, it can surely go up that much in October.

These speculations make the market interesting.

Now the question — Will the bullish sentiment hold?

In reality, none of us know the answer.

We all speculate based on our reading of the numbers. Some do it with complicated study, someone like me does it by a very simple method. All of us can be wrong.

My view is that this bullish move is not likely to sustain.

Let us have a look at the Top 5 gainers among NIFTY and BANKNIFTY stocks yesterday.

What kind of stocks led the rally yesterday?

Did any of the big heavy weights find a place among the top 5 gainers for the day?

I have stated in many times that any rally which is not led by the leaders fails to sustain. And this has proved true about 80% of times.

We may find some of these gains vanishing on Monday itself if the cues are taken from Dow Jones and S&P 500 closing on Friday.

Whichever way the indices move over next week, we are in for volatile and interesting weak ahead.

Till then, we enjoy the weekend.