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Market Commentary
Nifty to find resistance at 4905 and 4924
Posted On : 2010-02-16 10:22:03( TIMEZONE : IST )
By Mr. Alex Mathews, Research head - Geojit BNP Paribas Financial Services Ltd.
The markets had opened on a positive note tracking some of the global markets as rest were shut due to holidays. After opening in green the markets slipped into red but very soon got support at lower levels and started its journey into the green region and moved up to touch the highest point of the day in the later part of the day and closed in green.
The cues from the European peers were supportive as most of them were in green on the back of good result posted by Barclays beating the forecast and the oil companies too helped in the upsurge boosted by the rising crude oil prices.
Many Asian markets were closed for the Lunar New Year holidays and the US markets were shut being the Presidents Day holiday. Further support poured in from the US index futures front which turned its course into the green. In the domestic front, the higher government borrowing in the upcoming budget might hold the RBI from raising the interest rates drastically as it may lead to a rise in the borrowing cost.
On the stock specific front, we saw tremendous buying in VIP Industries, Brandhouse, Raymond, Vakrangee Software etc. Buying was also seen in auto ancillary stocks like Shivam auto, JMT Auto, Munjal Auto, Lumax Auto etc. Finally our markets came to a close for the day in green with Sensex up 1.17% and Nifty at the same time up 1.12%.
On the sectoral front, the major gainers were Metal up 1.58%, Auto up 1.37%, IT up 1.36% and Healthcare up 1.2% leaving no one on the losers? side. We saw good actions in frontline stocks like Ranbaxy up 8.59%, ACC up 4.89%, Ambuja Cement up 4.06% and Hindalco up 3.83% while Bharti slipped near to 5% today also.
Today uptrend in the market shows that the fund houses that were on the sidelines have started to buy frontline stocks in small quantities and Nifty is having resistance at 4905 and 4924 while the support is there at 4800 and 4785 levels. A major upside can be seen only if the market closes consecutively above 4925 level.
