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Market Commentary
Nifty support seen at 5088 and 5000 levels - Alex Mathews
Posted On : 2010-03-10 11:52:12( TIMEZONE : IST )
The market had opened on a flat note tracking mixed cues from the global markets and moved up in the morning session to hit the highest point of the day in the first part of the morning session and slipped into the red by noon. Later in the second part of the day we saw recovery coming in to finally close for the day in green but off the day's high and low.
The IT pack witnessed some profit booking after the recent rally while Oil&Gas, FMCG and realty made some smart gains. The cement stocks have started to move up on news that the companies are planning to hike the cement prices. Banking stocks were showing mixed trend. In the PSU space, the NMDC FPO attracted low interest from the investor side receiving just 9% subscription till afternoon.
The Asian stocks were in a mixed mode with shipping and oil sector stocks on the decline. Also the Japan's machinery orders slipped in January 2010 after it showed a rising trend since 2000. All these had some negative effect on the Asian markets initially but they later recovered which got reflected on our markets in the last part of the trading session. But the US index futures segment was trading in red. Finally our markets came to a close for the day with Sensex up 0.27%
and Nifty up 0.29%.
New listing of the day Texmo pipes made good gains on the first with the stock up 54.44% at the closing bell. Morarjee Textiles continued its uptrend today also and got locked up at upper circuit. Other gainers were MRO-TEK, GlobalVect, Man Industries, CrewBos etc.
Sugar sector as a whole was down with Simbhsugar, Dhampur Sugar, Balrampur Chini, Bajaj Hindustan, Rajshree Sugar etc losing ground. Index heavy weight Reliance Industries moved up on news that the company is close to strike hydrocarbon at its Palar deepwater block in the Cauvery basin.
Nifty is expected to remain in range for one more day and probably we may see an upside breakout by Friday. For Nifty the major resistance is there at 5165 and the support is there at 5088 and 5000 levels.
