However, negative cues from European markets took their toll and the indices shed all the morning gains in the afternoon. FMCG, realty and metal outperformed all other sectors and closed with substantial gains while capital goods, consumer durables and auto lost significantly.
The market breadth was positive with advances at 720 against declines of 699 on the NSE. The top Nifty gainers were Ambuja Cements, Sail, ITC, JP Associates, Jindal Steel etc while losers included Reliance Infra, L&T, M&M, Bajaj Auto, Cipla, Kotak etc.
Bajaj Auto came out with disappointing set of results and the scrip lost about 2.68 per cent. Some foreign institutional houses came out with their reports. Nomura was recommending a sell on L&T.
Technical Analysis: The Sensex closed at 16070, up 40 points from its previous close, and the Nifty shut shop at 4870, up 12 points. On the higher side 4900 is the strong resistance level while on the lower side 4850 and 4830 are the strong support levels. The market trend is negatively biased.
Suggested Strategy: The market is likely to see selling pressure at higher levels which would bring it down. Every rally should be used to lighten positions.
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