NIFTY ON FIRM FOOT; BHARTI, AMBUJA CEMENT,JP ASSO GAIN
Date: 23/3/2012
The National Stock Exchange's Nifty was firmly placed in the afternoon with positive opening of European markets. Technology and rate sensitives like banks and realty led the gainers pack while metals and auto were down on profit booking. www.goldennifty.com
At 1:45 pm; the Nifty was at 5272.65, up 44.20 points or 0.85 per cent. The broader index touched a high of 5278.45 and low of 5220 in trade so far.
The Bombay Stock Exchange's Sensex was at 17313.28, up 116.81 points or 0.68 per cent. It touched intraday high of 17356.77 and low of 17179.33.
"Short-term trend is still down and leaves scope for further fall towards next support zone of 5171/5157 (formed by the recent low and 200-day SMA) in the coming 1- 2 sessions.
On the higher side, resistance is likely to be seen at 5260 and then at 5295 on any immediate gains.
Overall, the index is once again poised to test the 200-day SMA over which it has given a breakout late January this year. Also further weakness will turn the intraday oscillators oversold.
Hence prices are likely to stabilize near the said support zone and recover towards 5500 levels in the forthcoming weeks. Inability to find support will extend the fall below 5100 negating the expected recovery," said Aditya Birla Money report. www.goldennifty.com
At 1:45 pm; the Nifty was at 5272.65, up 44.20 points or 0.85 per cent. The broader index touched a high of 5278.45 and low of 5220 in trade so far.
The Bombay Stock Exchange's Sensex was at 17313.28, up 116.81 points or 0.68 per cent. It touched intraday high of 17356.77 and low of 17179.33.
"Short-term trend is still down and leaves scope for further fall towards next support zone of 5171/5157 (formed by the recent low and 200-day SMA) in the coming 1- 2 sessions.
On the higher side, resistance is likely to be seen at 5260 and then at 5295 on any immediate gains.
Overall, the index is once again poised to test the 200-day SMA over which it has given a breakout late January this year. Also further weakness will turn the intraday oscillators oversold.
Hence prices are likely to stabilize near the said support zone and recover towards 5500 levels in the forthcoming weeks. Inability to find support will extend the fall below 5100 negating the expected recovery," said Aditya Birla Money report. www.goldennifty.com
BSE Midcap Index up 0.13 per cent and BSE Smallcap Index moved 0.26 per cent higher.
Amongst the sectoral indices, BSE IT Index was up 1.18 per cent, BSE Bankex gained 0.97 per cent and BSE Realty Index moved 0.94 per cent higher.
BSE Metal Index was down 0.87 per cent and BSE Auto Index slipped 0.12 per cent.
Bharti Airtel (4.04%), Ambuja Cement (3.09%), Jaiprakash Associates (2.87%), HDFC Bank (2.03%) and Reliance Infrastructure (1.85%) were the major Nifty gainers.
Maruti Suzuki (-2.67%), Coal India (-1.83%), Jindal Steel (-1.50%), Hindalco Industries (-1.50%) and ONGC (-1.46%) were amongst the top losers.
Market breadth was positive on the NSE with 776 gainers against 668 losers.
Meanwhile, the European markets have opened in the positive terrain. FTSE 100 was up 0.12 per cent, CAC 40 gained 0.16 per cent and DAX moved 0.06 per cent higher. www.goldennifty.com
Bharti Airtel (4.04%), Ambuja Cement (3.09%), Jaiprakash Associates (2.87%), HDFC Bank (2.03%) and Reliance Infrastructure (1.85%) were the major Nifty gainers.
Maruti Suzuki (-2.67%), Coal India (-1.83%), Jindal Steel (-1.50%), Hindalco Industries (-1.50%) and ONGC (-1.46%) were amongst the top losers.
Market breadth was positive on the NSE with 776 gainers against 668 losers.
Meanwhile, the European markets have opened in the positive terrain. FTSE 100 was up 0.12 per cent, CAC 40 gained 0.16 per cent and DAX moved 0.06 per cent higher. www.goldennifty.com
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