Nifty resistance seen at 5020, support at 4740

The markets had opened on a positive note tracking global markets and slipped into red and remained in red till the first part of the afternoon session and moved back into green and finally closed for the day in a mixed way. The markets slipped after opening in green as Asian markets slipped. The US index futures too were down.

The major boost for the markets in the second part of the day was the Economic Survey which was tabled in the Parliament today. The Economic Survey predicted that India would achieve a growth of 9% in 2011/2012. The infrastructure output grew 9.4% in January 2010 from a year earlier. The Economic Survey also showed that increased capital inflows from advanced economies could pose a challenge for India.

The 13th Finance Commission has projected fiscal deficit of 5.7% for the year to March 2011. The Economic Survey helped the markets to crawl back into green in the second part of the day and closed for the day on a mixed note with Sensex down 0.01% and Nifty up 0.02%.

We saw buying in Capital goods, IT, Technology and Bankex while Oil, Metal and PSU fell. For Nifty the major resistance is there at 5020 while the support is there at 4740 levels.

Source : Equity Bulls

Keywords