Nifty takes a pause…ends below 50 DMA

Today Sensex closed down 58 points to end at 16,440, Nifty was down 17 points to and made a close at 4,881. Markets opened in the positive, tracking Asian indices, but soon lost gains and momentarily slipped in the red.

Technically, the Nifty managed to stay above the medium term trendline for the second day running. However, the index closed below the 50 & 35 SMA. The RSI for Nifty stands at 37.33

After 4 continues positive trading session, today Nifty closed in the red, tough the global ques looks good, we saw some profit booking around 4900 levels, which drifted the markets lower. BSE sectoral indices, the Realty index was the top loser, shedding 3%, followed by the Teck index that was down 1.3% and the BSE Capital Goods index was down 0.8%.

In Asia, the Nikkei in Japan was up 0.6%, while Australia’s S&P/ASX ended higher by 1.3% at 4,674. Shanghai SE Composite was flat and Hang Seng index in Hong Kong added 0.3%.

In Europe, stocks were trading with smart gains. The FTSE in the UK was up 0.3%, The DAX in Germany was up 0.4% and the CAC 40 index in France gained 0.3%.

The top gainer being Reliance Industries Lt, it closed at Rs 2,052.60, up 1.39 per cent on BSE from its previous close.

Nifty faces support at 4830 levels, the resistance being around 4950 levels

Tags: hot stocks, nifty tips, nse bse tips, rally market

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