Profit booking pulls Nifty down - Religare

Nifty opened higher with a gap of 35 points on the upside and accelerated further to form intraday high at 6156.2 in the first 20 minutes of trading. There after steep profit taking was witnessed and the index fell 100 points from its intraday peak to form the day's low at 6056.6 levels. Heavy profit taking was witnessed in Banking, Realty and Consumer Durables indices whereas Metal and IT posted some gains at the BSE sectorial front. The advance-decline ratio was inclined towards the declining side with 1435 declines against 984 advances at the BSE.

Nifty has not been able to sustain above the 6100 mark and is not able to take any decisive stance in the past three trading sessions. Going ahead any further fall will attract fresh short positions and the index may even fall below 6000 mark.

Source : Equity Bulls

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