Nifty has support at 5158 and 5124 levels - Alex Mathews

The markets had opened on a negative gap tracking global markets and moved in a range in the morning session and in the afternoon session we saw markets getting support and renewed buying which helped the market to gain some points but could not sustain the gain and closed down in red.

Global markets slipped on the back of the news that Securities and Exchange Commission had filed civil-fraud charges against US investment Bank Goldman Sachs. Our markets too came down today. We saw recovery in banking stocks as we are going to see RBI monetary policy review tomorrow and a rate hike is widely expected. Stocks in Europe and Asia fell tracking the US markets which had come down drastically on Friday.

Property and banking stocks fell in the Chinese market on reports that the government had asked banks to stop loans for third purchases in its latest measure to bring down the property prices. US index futures too indicated that DOW could fall at the opening bell and finally our markets came to a close with Sensex down 1.08% and Nifty at the same time down 1.12%.

On the individual front the major gainers were Gold Infra, TTK Health, TTK Prestige, Aqua etc while the losers were Goenka Diamonds, Bang, Kothari Petro etc. On the sectoral front the major losers were Realty, Metal, Oil and Power leaving no one on the gainers side.

Nifty is having support at 5158 and 5124 levels while the resistance is there at 5288 levels.

Source : Equity Bulls

Keywords