Nifty to climb higher above 5400 levels - Alex Mathews

The markets had opened on a positive note tracking global markets and moved down in the initial session and remained in a sideways manner till noon. In the second part of the day we saw buying interest coming in which took the markets up to the green but witnessed selling pressure towards the end and closed for the day in mixed way.

The markets opened on a positive note as the Labour markets in US brought out good numbers. We saw telecom as well as infrastructure stocks gaining momentum while auto stocks witnessed some profit booking after the recent rally. The upmove in the stocks were on the back of the fact that the quarterly result will start coming out shortly and they are expected to be good based on the advance tax numbers.

Further in the second part of the day our markets got support from the European markets which moved up today to touch 18 month high. On the stock specific front major gainers were Allahabad bank, ICICI Bank, Spice Mobile, Spice Jet, Religare etc. ARSS Infra continued its uptrend today also.

New listing for the day Persistent Systems Ltd gained over 30% and closed at 404.7. The DOW futures showed a negative opening for US markets and finally our markets came to a close with Sensex up 0.03% and Nifty at the same time down 0.4%.

On the sectoral front, the gainers were Realty, Power, FMCG, Consumer Durable etc while the losers were Auto, IT and Healthcare. As expected the Nifty is in a consolidation mode and a movement above 5400 and a close above this level only will take Nifty to further highs.

Source : Equity Bulls

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