Nifty Trend for 01/Mar/2012

Markets had a gap up opening on mixed global cues but not sustain on higher levels. Opening of European markets in green also not support Indian market, Nifty continuously made new lows and got support around 5400 mark. Today 5400 play vital role for nifty, on intraday if it is maintain above 5450 then we expect some positive movements towards level of 5520 otherwise it may find next support around 5320 Below this bears are more active and take nifty towards 5220.

TREND: SIDEWAYS

SUPPORT: 5380 & 5320 RESISTANCE: 5500 & 5565

Major Market News-

·        Sensex gives up gains; L&T, HDFC Bank, ICICI Bank drag.

·        GDP grows 6.1% in Dec-qtr, slowest in almost 3 years.

·        Essar retreats as Credit Suisse cuts rating.

·        Muthoot Finance to raise Rs 5 bn via NCD issue.

·        ACC to set up new clinker facility with 2.79 MTPA capacities.

·        ONGC stake sale on Mar 1; may fetch about Rs 120 bn.