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Market Commentary
Nifty to see resistance at 4960 and 5011 - Alex Mathews
Posted On : 2011-12-01 11:04:21( TIMEZONE : IST )
It was meant to be a positive day and so was it. It opened on a higher note and made a sideways movement thereafter losing steam throughout the day holding its breadth positive to close for the day with a 100 point gain on Nifty. U.S. Federal Reserve and other European Central Banks cut the cost of emergency dollar funding to ease strains in financial markets lifted the stock markets across the globe and brought optimism into our markets. On the sectoral front, we saw selling pressure in oil marketing companies after the petrol price cut which happened last night. Metal gained as industrial metal prices gained on LME. Banking and other rate sensitive sector stocks gained on expectation that RBI also may resort to cut the interest rates given the fact the economy is slowing down.
Nifty today has closed with a gap up and eventually in one way or other, this gap has to filled and so investors should be cautious while entering trade tomorrow. Nifty is having resistance at 4960 and 5011 while support is there at 4898 and 4859 levels.
We had a handful of economic data which came out today. The HSBC Markit India Manufacturing PMI fell to 51.0 from 52.0 in October but has stayed above the 50 mark. The PMI was 50.4 in September. Also we had the trade data with India's merchandise exports in October rising 10.8% to $19.87 billion, while imports during the same month climbed by 22% to $39.51 billion. As a result, the trade deficit for October 2011 stood at $19.64 billion versus $14.53 billion in the corresponding month a year earlier. Weekly inflation has cooled down and was at 8% for the week ended November 19 against 9.01% previously. Inflation in the Primary Articles group fell to 7.74% in the week under review, from 9.08% in the week ended November 12, according to the Commerce Ministry statement. It was at 14.32% in the year-ago period. Inflation in the Fuel & Power group stood at 15.53% in the week ended November 19 versus 15.49% in the previous week.
