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Nifty ends week on a Negative note

This article was posted on Oct 24, 2009 and is filed under Market News

Nifty opened the week with a positive note, it opened at 5145, and ended the week at 4997. On Tuesday, Nifty made a week touched the week high at 5182 and failed to sustain that level. Sensex closed the week down by 3% and Nifty closed lower by 2.81%.

Sensex made a weekly high of 1745, and a low of 16721. FII’s remained seller’s for the week ending 23rd Oct’09. They made net sale’s worth 1213cr’s.

The pre-market Diwali rally came to a halt, with markets closing lower this week. Two major feature caused the markets to end lower, first profit booking, Retail investors booked profit on higher levels assuming that we might face a downside soon, secondly RIL-RNRL case.

Big player’s such as Tech Mahindra, Cairn India, HDIL, HUL, Yes bank which posted negative quarterly results also weakened the markets further.

The top performing stocks in the week were Shriram EPC Ltd (+27.7%), Welspun India Ltd (+27.5%), NELCO Ltd (+23.9%).

The Nifty manged to touch a 52-high at 5182 level.

Moreover, yesterday SEBI gave a go for Longer Trading hours. One could soon be able to trade for an additional two-and-a-half hours on stock exchange, time ranging between 9 a m and 5 p m to align timings to international standards.

Coming to the Technical’s, Nifty faces strong resistance around 4930 levels, below this we could easliy hoover around 4800 levels, strict SL are recommend for longs.

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