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.

Markets had a gap up opening on mixed global cues. It was a relief rally after four day losing streak. Once nifty future crossed 5400 level it was able to sustain above this for the whole session and closing above 5440 is providing some strength further. Now, if it consistently trades above 5450 then bullish sentiments may take it above 5500 where 5565 may act as strong hurdle whereas if 5400 is broken then 5320 is seen as support for it.

TREND: SIDEWAYS

SUPPORT: 5380 & 5320 RESISTANCE: 5500 & 5565

Major Market News-

·             Sensex snaps 4-day losing streak, closes 285 pts higher. Realty, CG, Bankex rally.

·            JSW Steel Jan production surges 39%.

·             Essar Oil loses $615 million insurance claim.

·             Hexaware Tech rises on buyout talks with NEC Corp report.

·             GVK Power up on oil block stake sale report.

·             BoB expects rate cut in April; to sell 5% share to LIC.

Nifty Trend for 28/Feb/2012

Bears played a vital role and dragged nifty future into negative territory from the onset of the week and situation get worsened when European markets opened in red. As it surpassed 5400 mark it came in the weak zone and its closing indicates further plunging towards 5200. On Friday, buying interest was seen from FII side but still market could not sustain on higher levels further indicates that once it breaks 5180 level then nifty could slip towards deeper supports.

TREND: DOWN

SUPPORT: 5260 & 5180 RESISTANCE: 5400 & 5475

Major Market News-

·        Bloodbath at D-Street; Sensex plunges 478 points.

·        Realty, metal, power and banking were the worst performers.

·        Rupee extends fall on importer payments, weak shares

·        Strides Arcolab Q4 profit surges 10 times.

·        Orchid Chemicals & Pharmaceuticals up on FCCB repayment reports.

·        MCX fixes IPO price at Rs 1,032 a share; raises Rs 663 crore.