Nifty to see resistance at 5365 & 5385 - Alex Mathews

The markets had opened on a flat to positive note and moved in range for sometime and very soon moved into green and hit the highest point in the last two years but we saw markets witnessing some selling pressure towards the end of the day and closed for the day in green.

Buying interest was seen in banking, metal, consumer durable and auto stocks. The country is expecting good monsoons this time which can support the market and the prediction given by Tokyo based Research Institute for Global Change that India will receive normal rains this monsoon backed this.

The better than expected advance tax numbers indicates that the corporates are going to come out with good quarterly numbers. The rising inflation number will put pressure on the Central Bank to hike the interest rates further in the policy review scheduled next month.

The European shares which opened in green helped our markets to remain in green in the afternoon session as the deal and dividend speculation boosted telecom firm Vodafone Group along with the miners. The US index futures too showed that DOW could rise at the opening bell and finally our markets came to a close with Sensex up 0.38% and Nifty up 0.39%.

Nifty support at 5240 and 5215 while the major resistance is there at 5365 and 5385 levels.

Source : Equity Bulls

Keywords