It was very interesting day for Indian markets on Tuesday. National Stock Exchange's benchmark index Nifty opened with the 30 points gain between the strong global cues but it has not crossed its resistance level 5000. Nifty was trading between (4969 to 4997) a very narrow range, which was expected. Nifty succeeded to close at 4985 about 33 points up from Monday’s closing point. Nifty has took support from 4940 ( its technical support ) level . Now 4940 level may act as a strong support for Nifty.
The Metal sector was the main leader on Tuesday. The Banks has also leaded to nifty. IT and Healthcare stocks were looking weak.
Stock wise SAIL, TATASTEEL, JSWSTEEL, SUZLON, IDFC, ABAN, NTPC, RECLTD, OPTOCIRCIT, BHARTIARTL, ORCHIDCHEM, YASBANK and SESAGOA are the some gainers of the day. While GTOFFSHORE, LUPIN, TV18 are the main losers.
The US market cues are strong for Wednesday opening but Asian markets are trading mix and SGX NIFTY is trading in negative zone at 4965. So we can expect a negative are flat opening for nifty. Nifty could not touched 5000 level in last two trading sessions. The 5000 level may acts a strong resistance for Nifty today also. A new minor support is generated around 4955 level and 4940 level is a strong support for nifty. If nifty breaks 4940 level and close below, an intermediate downtrend will confirm. In other hand closing above 5070 level will remain the uptrend.