Indian markets extended its winning streak to 12th straight trading session on
Tuesday. It was another momentous day as the NSE Nifty closed above the
5,000 mark for the first time since May 22, 2008. After starting off on a
cautious note, markets gained momentum defying weak cues from the Asian
markets. The upswing was led by the Auto, Realty and the FMCG stocks. Even Mid-Cap and the Small-Cap stocks were in demand. However, towards fag end oil & gas stocks like Reliance Industries, ONGC and Gail India turned out be party poopers as the stocks witnessed some offloading
The Sensex today opened up 64 points at 16,805. The index slipped to a low of 16,764, but soon firmed up and moved to higher levels. Select short covering towards the end, saw the index soar 195 points to a high of 16,943. The Sensex finally ended with a gain of 145 points at 16,886.
The Nifty opened at 4,977 but managed to cross the 5,00 level and stayed there for most part of the day. The index touched a high of 5,036 and finally ended at 5,020.
The markets breadth was positive. Out of 2,862 stocks traded 1,608 advanced while 1,172
declined.
OUT LOOKfor next : Nifty may face resistance at 5050, 5070, 5100 5150, 5200.and take support at 4970,4930,4870,4850 4830 4780. Trade with caution, Put stoploss for every trade. Market may take correction sharply in next 2days.
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