NIFTY
BSE :- Sensex opened flat too negatively after showing some volatile session in the market. At the end, it closed flat too negatively. Because of flat closing there were no changes in support resistance. Now we may consider support at 16745-16500-16432 and resistance at 17000-17211-17314.
Last week, the Indian market witnessed a stupendous rally. Sharetips expert says, it’s time to consolidate, but the bias is definitely positive. “If the Nifty holds on to the 4,920, which from the close is about 130 odd points, you are in for a decent rally. I would use the dips to buy.”
According to Sharetips expert, technology is going to take the mantle this week.
We said ‘technically some more profit booking is not ruled out and support exists at 4850’. The market opened flat and without losing ground and closed strongly positive for the day and the week. Technically now it looks up and the next logical target on the way is up to 5109-5177.
Sensex trades slightly lower :-
The Sensex stalled its rally today and fell marginally as investors opted to book profits. The index, which gained 360 points on Thursday on global cues, was down 26.5 points at 16,456.94. The Nifty was down 7 points at 4,929.50. Even Asian markets were under pressure. Metals, capital goods, oil & gas, telecom and PSU banking sectors were under pressure.
Shares of BHEL, Bharti Airtel, Hindalco, Sterlite, Tata Steel, JP Associates, L&T, ONGC, Reliance Industries, SBI, PNB, TCS and DLF weighed down on the market.
However, cement shares like Ambuja Cements and ACC gained
HUL, ITC, Maruti, NTPC, HDFC and Hero Motocorp were other gainers.
The CNX Midcap Index fell 9 points to 6,698. The market breadth was in favour of declines.
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