Nifty has support at 5268 and 5222 - Alex Mathews

The markets had opened on a positive note tracking global cues and hit the highest point of the day in the morning session itself. After that we saw markets making volatile moves throughout the day. The markets were making lower tops indicating a downtrend from the top and closed for the day near to day's low but in green.

Today we saw movements in banking as well as the metal space. The metal stocks moved up on the back of rise in the price of metals on LME.

Sterlite Industries rose around 6% after the company announced 1:1 bonus and 2 for 1 stock split. Reliance Industries witnessed profit booking as the quarterly results were below the market estimates. Automobile major Maruti came with good set of quarterly number but after the announcement, the stock started trading in a volatile way and was down around Rs 27.

Overall market trend was volatile as we are nearing the April F&O expiry. Political uncertainty at the centre had some pressure over the markets. In the second part of the day we saw European markets rising as Greece requested emergency aid. Markets in the Asian front also moved up as economic reports showed faster growth.

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 0.29% and Nifty up 0.35%.

Individual gainers were ENKEI, EDserv, Ansal Housing, GKW Ltd and Binani Industries while the losers were GAEL, FCS Software, Rajvir etc. On the sectoral front, metal, PSU, Bankex and IT were the gainers while Realty, Oil and Healthcare were the losers.

The monsoons are expected to be good this time which will give support to our markets apart from the good quarterly number which are coming out. Nifty is having support at 5268 and 5222 while the resistance is there at 5372 and 5410 levels.

Source : Equity Bulls

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