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Market Commentary
Nifty to move towards 4955 and 5000 levels
Posted On : 2010-02-17 10:20:13( TIMEZONE : IST )
Market Wrap By Alex Mathews - Research Head, Geojit BNP Paribas Financial Services
The markets had opened on a positive note tracking global markets and moved up in the morning session. It witnessed some profit booking in the early noon session but kept itself within the green region. Later in the second part of the day, we saw more buying coming in which took the markets back to the top and closed for the day in green. The other day US markets had rallied on the back of a fall in dollar, M&A activity and good results. Asian markets moved up today also on expectation that the global economy is picking up.
In the domestic front result of Tata Steel helped the metal pack in the initial session. During the day Finance Minister said that the country may grow at more than 8% this fiscal year 2010/2011 after it grew at around 7.5% this fiscal year ending March 2010. Also there are wide spread expectations that the RBI may take some monetary action at the policy review which will be held this April.
We saw good buying interest in Consumer Durable, Metal, Bankex, Capital goods and Auto sector. On the stock specific front, good action was seen in Amtek India, Jindal Photo, Indotech, Eicher Motors etc. Thinksoft very soon got sealed at lower circuit after it had slipped 20% the other day.
News came out that 11 more stocks which included Adani Entertainment, Apollo Tyre, Areva T&D, BGR Energy, Fortis, Godrej Industries, Jain Irrigation, Mcleod Russel, Mundraport, On mobile and Videocon would be added to the F&O list from February 19th. All these stocks gained considerably during the day. The positivity in the US index futures markets and European front helped our markets to close for the day in green with Sensex up 1.25% and Nifty at the same time up 1.2%.
The next major event, for which our markets are waiting, is the Union budget 2010/11. Today Nifty managed to close above 4900 and is likely to move towards 4955 and 5000 levels. We may not see a major downside and can expect value buying emerging in midcap stocks, metal, banking and capital good sector stocks. For Nifty the major support is there at 4855 and 4820 levels.
