Should I start Investing now?
Today Nifty struggled to close above 5100, due to profit-booking. FII(Foreign Institutional Investors) today too were net buyers 753cr in the Cash Market while on the other side DII(Domestic Institutional Investors) were sellers worth 443cr.
Markets manged a 30 point gap-up opening, but failed to buid momentum as the hours passed by, due to lack of buying by retail investors. Even global markets failed to show good signs even tough Dow managed to close above 10,000.
Telecom Stock’s today to underperformed the markets, the leader on he losing side being Bharti Airtel, which closed down almost 4.5%, at 325 from its previous close of 340.
On the other had Commodities rose following decline in dollar, rupee closing at 46.13 against a dollar.
Telecom giant Bharti Airtel witnessed a significant jump in open interest.
Investing at currently levels could be a risky bet as markets are expected to see some downside in the coming days, mostly after Diwali.
Coming to the Technical levels, the support for the Nifty remains at 5070, the resistance being 5180
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