Quotes with Resistance & Support
Market Information

Strong support at 5080

This article was posted on Dec 6, 2009 and is filed under Market Outlook

Sensex adds 2.8% to close at 17,102 and NSE Nifty ads 3.4% to close at 5,109, in the past week.

The Nifty maintained the support of 5,080 on Friday, and closed at 5,108 on profit-booking. According to F&O data, foreign institutional investors (FIIs) have build-up short positions in the index futures and booked profit in stocks futures.

FII’s bought shares worth 2029.41 cr’s and made a sellings worth 1831.27 cr’s on Friday, building a net turnover of 198.14 cr’s.

Indian markets erased out last week’s decline as worries regarding Dubai’s debt problems eased. Bulls cheered stronger than anticipated GDP growth data, monthly auto sales and recovery across the global markets also helped Indian markets stage a sharp bounce back. Sensex added 2.8% to close at 17,102 and NSE Nifty added 3.4% to close at 5,109.

The top gainers: The top gainers in the Sensex were Ranbaxy Labs (up 13.9%), Tata Motors (up 12.8%), Cipla (up 12%), Hindalco Inds (up 10.8%) and Bharti Airtel (up 9.3%).

The Top Losers: The top losers in the Sensex were Hero Honda (down 4.7%), Hindustan Unilever (down 4.3%) and BHEL (down 0.9%).

Technically speaking RSI for Nifty stands at 54. Markets face strong support at 5080, below this we could see 4900 levels.

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