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Markets likey to drift soon

This article was posted on Dec 23, 2009 and is filed under Market Outlook

Today, Nifty closed on a wining streak, ending 158 points higher making a close at 5144. Sensex regained it 17k mark, it surged 539 points to end at 17,231.

The move in the markets was mainly due to strong global ques. The Finance Minister’s comments – on GDP growth forecast and continuation of the stimulus till Budget – fimed up markets further. The Sensex soared over 500 points to regain the 17,000 level after six trading days.

All sectoral indices were in the green as the metal index shone. The index jumped 4% to 17,075. Oil & gas, power, IT and capital goods gained over 3% each.

Large Caps were the stars today, outperforming Midcaps and Smallcaps. Among the Large caps Reliance was the lead performer in trades today and surged 4.6% to Rs 1,066. Other heavyweight – Infosys, ICICI Bank and Larsen & Toubro rallied 3-4% each.

In Asia, the Nikkei in Japan was up 2%, while Australia’s S&P/ASX ended higher by 0.7%. However, the Shanghai SE Composite gained 0.7% and Hang Seng index in Hong Kong was up 1.1%.

In Europe, stocks were trading in the green. The DAX in Germany was up 0.8% and the CAC 40 index in France was up 0.7%. The FTSE in the UK was up 0.8%.

Tough the markets seem to be climbing upwards, some downside is expected soon. Nifty faces strong resistance at 5180-90 levels, which is unlikely to be crossed in the coming days. On the downside strong support remains at 4900 levels, below which we could see 4820 levels.

Traders are advised to trade carefully in these volatile markets..

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