Nifty fails to sustain higher levels as Profit booking seeks in
Nifty today closed almost flat, ending 0.02 points higher. It manged to close at 5123 after making a Intraday high of 5161 and a low of 5111. Sensex slipped 28 points to end at 17169.
Profit booking at higher levels was witnessed in Power Stocks. The Power and FMCG indices dropped 0.56 % each. However, the realty index managed to hold on to gains and was up 25 at 3,959. Auto and bankex were the other gainers.
The shipping sector was in demand given the takeover Saga between Bharati Shipyard and ABG Shipyard. However, shares of Great Offshore ended with losses.
The Auto and the Realty stocks also were among the top gainers however, the FMCG, select IT and Power stocks were among the major losers.
Tata Steel, ACC, HDFC, Mahindra & Mahindra, Rcom were the other losers among the Sensex 30 stocks today.
Coming to the Technical’s, Nifty faces strong support at 5000 levels, below this we could see some more lower levels around 4850.
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