Quotes with Resistance & Support
Market Information

Strong resistance at 5310

This article was posted on Jan 17, 2010 and is filed under Market Outlook

The last week, Nifty ended flat at 5,252 also Sensex manged to close flat at 17,554. The Sensex made a high of 17,777, and a low of 17,276 over the week.

India’s inflation stood at 7.31% for December 2009 as compared to 4.78% for the previous month. This could add pressure on the RBI to suck out excess money from the system to control prices. Finally, the BSE 30-share Sensex ended flat at 17,554 and NSE Nifty also ended unchanged at 5,252 over the week.

The top gainers: The top gainers were Bharati Shipyard (up 36%), ABG Shipyard Ltd (up 35%), TCS (up 13.1%), Wipro (up 10.2%), Infosys (up 8.6%), ACC (up 7.5%).

The Top Losers: The top losers were SBI Subex Ltd (down 17%), (down 6.2%), Hindalco (down 3.9%), ICICI Bank (down 3.6%), Hindustan Unilever (down 3.6%) and Reliance Infra (down 3.3%).

IT companies posted better than expected Q3 results, which helped the IT Index to add 9% over the last week.

Coming to the Technicals, Nifty faces strong resistace at 5310 levels, a close above this indicates higher levels could be seen in the near term. Support is around 5220. The momentum indicators are currently in favour of some more downsides. The nine-day RSI (67) and the Stochastic Slow are trending downwards. Also the Moving Average Convergence Divergence is on verge of turning bearish.

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