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Nifty @ 5,000

This article was posted on Nov 11, 2009 and is filed under Market Outlook

Nifty today made a close above 5,000 indication that we could be lead to much higher levels. Nifty gained 122 points up 2.5%. Sensex on the other hand closed up 409 points ending at 16,849. Nifty reclaimed the 5000-mark after six trading sessions. Metals and technology stocks were the top gainers.

Markets opened on a positive note due to strong Asian Market ques, and China’s economic data that beat the market forecast. The country’s industrial production and trade surplus climbed in October, indicating a recovery.

The next trigger which sent the key indices sharply higher was the strong opening on the European bourses, signaling bullishness. According to the latest jobs data, UK’s unemployment rate rose at the slowest pace in 18 months which boosted sentiment that the economy is on the road to recovery.

In Europe, stocks were trading with smart gains. The FTSE in the UK was up 1.3%, The DAX in Germany was up 1.5% and the CAC 40 index in France gained 1.4%.

Top gainer being Reliance Industries, Infosys. Market now faces strong resistance at 5090-5100 levels, above this we could be heading to higher levels of about 5200 and further.

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