Nifty has opened at 4983 on Monday and made a intraday high around 4997. After making an intraday high, nifty has slipped at 4958 level. From this level nifty has bounced back at around 4992 level, but Nifty had a strong resistance at 5000 level so Nifty has not moved up further. Nifty has traded between mostly 4958 to 4990 ranges but between the profits booking in metal sector Nifty has broke the range and made new intraday low around 4944 level. Nifty had a support at 4940 level which is almost breached. Nifty has closed at 4952 level, only IVRCLINFRA was looking strong because traders have covered their short position in this stock.TITAN INDUSTRIES, IVRCLINFRA, AXISBANK, DISHTV are among the gainers.
While HINDZINC, SUZLON, DLF, UNITECH, BHARTIARTL, ORCHIDCHEM, LT are among the losers.
The Asian market is up today with the strong cues of US market. DOW has closed at 10414, 85 points up from its previous close. NASDAQ has also ended with the gain of 1.17% at Monday. SGX NIFTY is also trading at around 4970 with the gain of 30 points from its previous close. Between the strong global cues nifty may open with some earlier gains but nifty has mainly resistance at 5000, 5030 and 5070 levels. So short selling may come around these levels in the other hand Nifty had support at 4940 level but it was almost breached on Monday. According to the calculations analysis, Nifty may take support at around 4900-4910 levels. Before the closing above the 5070 PROFIT BOOKING is advised with the gain of every point of NIFTY.
