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Market Commentary
Nifty closes higher breaching resistance of 5165 - Alex Mathews
Posted On : 2010-03-16 11:30:51( TIMEZONE : IST )
The market had opened on a flat to positive note and moved in a range for sometime but very soon gained momentum backed by short covering happening above 5165 and took the way up to the north and moved up continuously to touch the highest point of the day and the highest level since last two months and closed for the day at the top with good gains. This upsurge was backed by the better than expected advance tax number of the majors excluding the cement sector.
The better advance tax numbers are an indicator of the better quarterly numbers which will come out soon. The IT sector is expected to post good number as most of them made good advance tax payments and today we saw smallcap software stocks moving up along with the majors. Oil major Reliance Industries remained strong and made good gains during the day.
The Tyre manufacturers were also on demand as they have raised the tyre prices with Ceat, Apollo tyres, JK tyres etc moving up. The Nifty has moved past the 5200 mark for the first time since last two months which is giving a positive outlook for the market with a possible interest rate hike which can happen only during the policy meet in April.
In the afternoon session the Asian markets remained strong lending support to our markets while the European markets were in red but our markets ignored them. In the US index futures front, the markets were in green and finally our market came to a close with Sensex up 1.27% and Nifty up 1.35%.
On the sectoral front the major gainers were Oil up 2.78%, Metal up 1.73%, Capital goods up 1.69% with LT leading in front, auto up 1.5% etc while the losers were PSU and FMCG. Stock specific gainers were PAEL, Insecticid, BBTC, Sejal Glass, Jai Corporation etc while the losers were Morarjee Textiles, Tanfacind, Globalvect, Dynacon etc.
Nifty seems to have consolidated and as it has breached the major resistance of 5165 and has closed above it, we may see Nifty going in search for the next target of 5300 in the short run. At the same time Nifty is having major support at 5165 and 5115 levels. Reliance Industries, M&M and Tata Motors can attract more buyers in coming days.
