Markets finally closed flat, with a positive bias. Investors chose to take a cautious approach, in light of S&P downgrading US government debt. While the Sensex closed higher by around 31 points (up 0.2%), the Nifty closed higher by around 12 points (up 0.2%). The BSE Midcap and BSE Small cap closed moderately higher by 0.4% and 0.3% respectively. FMCG and power stocks weighed heavy on the indices today.
Market Mirror 20'th April 2011
Us Market closed positive after INTEL's good result. Asian market is trading in Positive. SGX Nifty is trading 40 points up. Met department declared we have good rain this year. INDIA VIX index was down 2% yesterday. Nifty may close around 5765-5770 level gaining 25-30 points on closing basis. Support is likely to come between 5750 and 5780 & Resistance is likely to come 5800,5820. Selling may come once gap up buying stop. Supply will come around 5820 level. 5780 is a major support area to watch out for since going below this level on a sustained manner would mean further downward swing and more weakness shaping up. Thus, today’s trading would be quite crucial.
Sectorial Impact..............- Trader can buy LT @1690 to 1700 level for a target of 1730-35 level.
- BGR Energy saw good buying yesterday, BGR Energy can watch today.
- Reliance may see selling pressure around 1033-35 level.
- Tata Steel may find support around 607-605 level & Resistance around 623-25 level.
Tata Steel ADVANCE SCIENTIFIC Chart 20'th April 2011:-
(Forecasting to happen during Trading Hours,Chart published before market opens)
Tata Steel ADVANCE SCIENTIFIC Chart 21'th April 2011:-
(Forecasting to happen during Trading Hours,Chart published before market opens)
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Nishant Jani
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