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Strong support at 5000 for Nifty

This article was posted on Dec 17, 2009 and is filed under Market Outlook

Nifty today closed almost flat, ending .30 points lower at 5041. It made a low of 5013 and a Intraday high of 5064. Sensex closed at 16894 ending 18 points higher. Pharma and Consumer stocks performed well today, on the other hand Realty and energy stocks were the major loser’s.

The BSE Mid-Cap index and the Small-Cap index performed good in comparison with the major indices. In the BSE Mid-Cap index out of total 230 stocks, 145 ended in the positive terrain while only 86 ended with losses.

Global markets too didn’t perform well, the Dow Jones closed down 10 points at 10,441 and the Nasdaq edged up 5 points to 2206 at closing bell. The Asian markets ended marginally lower.

Technically speaking Nifty faces strong support at 5,000. Below this we could easily see 4900 levels and lower. Traders are advised to exit their longs once we make a close below 5,000 levels on Nifty.

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