NIFTY MAY SEE CONSOLIDATION BETWEEN 5450-5650
FIIs were net sellers with the tune of ` 161.35 crore.
The BSE 30-share Sensex was up 195.49 points or 1.07% to 18,531.28. The Sensex surged 388.75 points at the day's high of 18,724.54 in mid-afternoon trade. The index lost 55.09 points at the day's low of 18,280.70 in morning trade. The S&P CNX Nifty was up 58.60 points or 1.07% to 5,544.75 after gyrating between 5,605 and 5,472.15 during the day.
The market breadth was positive. On BSE, 1619 shares gained while 1201 shares declined and a total of 137 shares remained unchanged. The BSE Mid-Cap index rose 0.85% and the BSE Small-Cap index rose 0.39%. Both these indices underperformed the Sensex.
The total turnover on BSE amounted to ` 2567 crore, lower than Thursday's ` 2596 crore.
MAJOR RESULTS OF THE DAY: EDELWISS, HMT, MRPL, JSWSTEEL
FOR TODAY: Global cues are negative. Today morning, Asian markets are trading negative. SGX Nifty is trading at 5527.50, down 53.50 at 8.30 a.m. indicates Nifty may open a gap down around 5524-5534 area. It may cover the losses during the day.
On last Thursday though Nifty breached the psychological level of 5500, but on the very next day i.e., on Friday, it covered all of its losses and hits 5600 and above. At close, it again comes between the range of 5500-5600.
On last Thursday though Nifty breached the psychological level of 5500, but on the very next day i.e., on Friday, it covered all of its losses and hits 5600 and above. At close, it again comes between the range of 5500-5600.
Now in the near term, the range of 5,450-5,650 will remain crucial in the near term. The market is expected to see mixed movement this week due to risk of profit-taking from higher resistances, and any move close to the lower support zone should result in fresh buying interest. A breach of the 5,450 mark could see the Index declining sharply to 5,200 levels. On the other hand, sustenance of the same levels is likely to induce buying interest, and guide the Index towards its immediate resistance of 5,600-5,650 levels.
OI indicates as of now 5400 as strong support and 5600 as strong resistance. TRADE ACCORDINGLY WITH STRICT STOPLOSSES.
