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Bulls take Nifty nearer to 5000

This article was posted on Nov 9, 2009 and is filed under Market Outlook

Will we see 5,000 levels on Nifty this month or is there some downside that’s on its way? This is the most common question asked by most of the Investors and Traders. Markets today (Monday) ended on a positive note.

Sensex closed near 16500, banks, oil & gas lead the markets. This is fourth consecutive for the markets to close in the green. Buying was seen in the Banking, Oil & Gas and the Metals stocks with the Mid-Cap and the Small-Caps also participating.

Sensex surged 340 points to close at 16,498 after touching a high of 16,517 and a low of 16,147. The index opened at 16,190 against the previous close of 16,158. The Nifty advanced 102 points to close at 4,898.

Gold too did well today, it touched its all-time peak high. Spot gold hit a high of US$1,108.55 an ounce, surpassing Friday’s lifetime high of US$1,100.90 .Gold has gained more than 25% in 2009, driven by persistent weakness in the US currency

Biggest Nifty gainers were Axis Bank (6.49%), State Bank of India (5.31%), SAIL (5.16%), ICICI Bank (4.77%) and HDFC Bank (4.15%).

Technically, the Nifty manged to close above its 50 DMA, the RSI for the Nifty now stands at 36. We are likely to see some consolidation at 4950 levels, a close above this could lead us to 5200 levels in the near term.

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