Markets rebound, metal shares sign
Markets extended the morning gainsfollowing firm Asian peers and rally in metal shares. The S&P CNX Nifty gained 39 points, at 5,389 and the benchmark Sensex advanced 139 points, at 17,988.
Markets bounced ahead of expiry because the markets were oversold on the technical charts. Ravi Nathani Technical Analysts said that indicators were pointing towards markets being oversold on charts; a bounce is expected in near term with first resistance around 5450 & than 5520.
Markets opened in the green led by gains in metal shares after Tata Steel reported 72% surge in fourth quarter net profit. The S&P CNX Nifty gained 20 points, at 5,365 and the benchmark Sensex advanced 50 points, at 17,901.
Analysts expect markets to remain weak going into next series after the Nifty breached 5400 mark. Derivatives Analyst Devangshu Dutta said that market seems to be headed for new 2011 low within next 5-10 sessions. “The breach of 5,400 makes a short term target of 5.250-5,275 likely and intermediate and long-term bearish trends makes it very likely that February 2011 low of 5,177 will be broken.” For more visit: Business-Standard
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