Nifty continues to find resistance near breakdown level of 5500 - ICICI Securities

The week started with a breakdown below 5500 and fell till 5255 levels. After making a new intermediate low in the initial part of the week, some reversal was seen from 5300. However, stiff resistance continued to be seen from 5500.

Volatility surged sharply towards 30, which has acted as a stiff resistance in the last couple of years. After hitting this level, it reversed sharply towards 26 providing comfort to the market.

The breadth of the market improved towards the week's close. Otherwise it remained negative for most of the week.

Metal stocks were major gainers of the week while cement stocks witnessed broad based selling.

The major losers of the week were ACC (-14.6%), Ambuja Cement (-8.0%), Bharti (-8.0%), NTPC (-7.5%) and Sun Pharma (-6.5%)

On the other hand, major gainers were Tata Steel (20.0%), Sesa Goa (17.5%), JP Associate (14.0%), Jindal Steel & Power (13.0%) and Hindalco (11.0%).

Source : Equity Bulls

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