Nifty to see resistance at 5265 - Alex Mathews

The markets had opened on a positive note tracking some positiveness in the global markets and inched lower in the later part of the morning session and moved past the redline in the afternoon session but very soon picked up in the last part of the day and closed for the day in green.

The markets had corrected the other day as a reaction to the interest rate hike but as we are moving into a holiday and day after tomorrow we are going to see the F&O expiry, the investors have started rolling over their position to the next month contract. The Nifty rollovers were around 45%.

Today the government had come out saying that it will allow private-sector firms to issue infrastructure bonds to raise funds for projects. We saw major actions in the pharma sector with Ranbaxy, Lupin, Ajanta Pharma etc making gains. We also saw gains in Oil, power and metal stocks while the laggards included realty, auto and PSU. Individual gainers included Bal Pharma, Piramel Life, NELCO, Shyamtel etc while the losers were Eurotexind, Goldiam, NMDC etc.

The European markets opened in green which helped our markets to gain momentum in the later part of the day. Finally our markets came to a close with Sensex up 0.23% and Nifty at the same time up 0.39%.

For Nifty the major resistance is there at 5265 while the support is there at 5187 levels.

Source : Equity Bulls

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