SENSEX IN THE GREEN, NIFTY ABOVE 5250; HCL, HUL, ITC, AMBUJA CEMENTS UP
Date : 23.03.2012
The National Stock Exchange's Nifty was witnessing buying activity at lower levels after a sharp correction in previous session. All the sectoral indices, except metals space, were in the positive terrain led by gains in FMCG, capital goods, banks and realty space.
The Nifty was at 5265.45, up 37 points or 0.71 per cent. The broader index touched a high of 5278.45 and low of 5247.10 in trade so far. www.goldennifty.com
The Nifty was at 5265.45, up 37 points or 0.71 per cent. The broader index touched a high of 5278.45 and low of 5247.10 in trade so far. www.goldennifty.com
The Bombay Stock Exchange's Sensex was at 17317.95, up 121.48 points or 0.71 per cent. It touched intraday high of 17356.77 and low of 17257.72. www.goldennifty.com
According to analysts, the short term trend has turned bearish following fall in last session and is likely to improve if Nifty closes above 5335. www.goldennifty.com
"The 50 day MA (5272) has been breached on a closing basis after nearly three months. Short term momentum oscillators that had rolled bullish have once again whipsawed into sell along with a sell crossover on hourly oscillators. www.goldennifty.com
The index is likely to end lower for a fifth consecutive week and is only supported by the 200 DMA at 5157 and the earlier trend line break at 5185. The short term trend has turned negative with yesterday's bearish developments and is likely to improve only if Nifty manages to close above 5335. We maintain our intermediate term positive stance and expect the 200 DMA to act as the critical pivot.
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