Nifty expected to face resistance at 5140 - 5150 levels

By Alex Mathews, Research head - Geojit BNP Paribas Financial Services

The markets had opened on a positive note tracking minor positivity in the global markets and started its upward journey very soon to touch the highest point of the day in the second session and closed near to it.

The European markets didn't give much support to our markets but our markets ignored them and continued its northward movement. The recently announced budget reduced the surcharge on corporate tax and the data showing rise in services and manufacturing activity last month with a rise in the exports in the month of January helped the markets to get a firm base.

We saw movements in metal stocks as metal price were on the up on LME. Also we saw buying interest happening in realty, FMCG, healthcare, banking and power stocks. Other Asian markets too moved up . In the afternoon session, the US index futures remained lack luster and finally our markets came to a close with Sensex up 1.36% and Nifty up 1.42%.

The new listing ARSS Infra zoomed around 67% from the issue price of 450. More buying was seen in Orient Ltd, Tricom, BF Utility etc.

On Nifty major gainers were JP Associates which closed up 5.87% on the back of good sales figures. It was followed by Tata power, Reliance and Jindal Steel while losers were Ranbaxy, Ambuja Cement, Maruti and ACC.

For Nifty the major support is there at 5030 and 5000 while the Nifty is expected to face resistance at 5140 and 5150 levels.

Source : Equity Bulls

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