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Markets likely to retrace

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

Markets are likely to form a retracement trend. We might see some downside from current levels and then continue with the uptrend. Currently, markets look over-headted and some downside could be seen in the coming days.

Nifty jumped from 4700 to 5300 levels in the last 30-40 trading sessions, a gain of almost 12%. Now, markets might see 5200 levels again, and then continue with its upward movement.

Today Sensex fell 62 points to end at 17,528 while, Nifty ended lower by 13 points to close at 5,249.

Main Indian stock indices extended losses and closed in red for a second straight trading session on Wednesday. The fall could be attributed to offloading in FMCG, IT and select Telecom stocks. However, market breadth was in favour of the bulls for the second day running. Out of total 2864 stocks on the BSE, 1,581 advanced while 1,190 declined and 93 remained unchanged. Finally, the BSE Sensex fell 62 points to end at 17,528 and NSE Nifty ended lower by 13 points to close at 5,249.

In Asia, the Nikkei in Japan ended flat, Australia’s S&P/ASX ended lower by 0.8%. However, Shanghai SE Composite fell 0.6% and Hang Seng index in Hong Kong was down 0.6%.

Nifty faces strong resistance at 5320 levels, a strong close above this could take us to 5450 levels and higher. Support stands at 5190 levels

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