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Markets likely to consolidate around 5050

This article was posted on May 31, 2010 and is filed under Market Outlook

Today Nifty manged to gain 20 points and ended at 5086, on the other hand Sensex gained 82 points and finally closed at 16, 845.

Nifty opened up flat, but made some gains around noon. Today’s upswing was led by the PSU, Auto and the Pharma stocks. European indices were trading mixed as well, the DAX in Germany was up 0.6%, the CAC 40 index in France was up 0.2% and the FTSE in the UK was almost unchanged.

Among the BSE sectoral indices, BSE PSU index was the top gainer, the index was up 2.7%, followed by BSE Auto index was up 1.9% and BSE Pharma index was up 1.8%. Even the BSE Mid-Cap index ended higher by 1.8% and the Small-Cap index gained 0.6%. The market breadth closed in favor of the advances, with 741 stocks on the NSE going up, and 539 declining. The turnover for the day stood at Rs 78,000 crore.

Foreign institutional investors (FIIs) were net buyers of Rs 586.51 crore, Domestic institutional investors (DIIs) were net sellers of Rs 73.77 crore today

The 200 DMA for Nifty stands at 5003, which is unlikely to be breached, Nifty is likely to face some consolidation around 5050, RSI stands at 46.

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