Nifty to face resistance at 5371 and 5402 - Alex Mathews

The markets had opened on a positive note tracking positive cues from the global markets and moved up in the morning session. Towards the noon session the markets reached the highest point of the day but profit booking took the markets down to touch the day's low in the first part of the afternoon session. Very soon the markets regained the lost gains and closed for the day near to the day's high.

We were eagerly waiting for the quarterly results of index majors like Wipro and Reliance Industries of which Wipro came with a 46.86% rise in quarterly net profit which helped the markets in the morning session to climb up the hill. Reliance will come out with the results in the evening which is widely expected to be good.

The Tokyo based Research Institute for Global Change has predicted normal monsoon rains in India this year. During the day, news came out that the cabinet has approved the recapitalization plans for PSU banks which helped the banking space to gain ground.

In the European space, shares were in green after a better than expected German lfo business sentiment gave support to the markets. Also the British economy grew 0.2% in the first quarter of the year. DOW futures too turned back into green extending support to our markets in the afternoon session and our markets came to a close with Sensex up 0.68% and Nifty up 0.66%.

Individual gainers were Surya Jyothi, Malwa Cotton, GAEL, GKW Ltd, Nestle Industries while the losers were PEPL, GMR Industries, Norben Tea Exports, Vaibhav Gems etc. On Nifty JP Associates, ICICI Bank, LT, M&M were the gainers. Sectoral gainers were Bankex, Capital Goods, Oil and Realty while Metal, Consumer Durable etc were the losers.

Nifty is having resistance at 5371 and 5401 while the support is there at 5220 and 5161 levels.

Source : Equity Bulls

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