Nifty future could not give closing above the strong resistance level of 5450 last week and consolidated in the range of 5350-5450. On daily charts, breakout from this consolidation on lower side is expected where nifty may find its next support near 200 day EMA which is 5200. For, today’s session if it slips below 5330 then it may get support near 5250.  On higher side, 5450 is still acting as strong hurdle. Closing above this can support nifty to move towards higher levels.

TREND: SIDEWAYS

SUPPORT      : 5325 & 5260                  RESISTANCE:  5450 & 5520

Major Market News-

Ø Nifty gained 19 points, Banking stocks surge.

Ø Banking, healthcare, capital goods and metal were the best performers while realty was the biggest laggard  

Ø HCC yet to decide on debt restructuring, lenders adamant.

Ø  REC board approves raising Rs 3,000 cr through tax-free bonds.

Ø BHEL opposed to buyback but open to FPO/auction.

Ø 3i Infotech to begin talks for bond refinancing.