The pre-opening session of the market began with the Nifty and Sensex started in the red. The Indian markets opened for trade on a subdued note with a negative bias.
Negativity prevailed in the markets and the Nifty closed below its psychologically important level of 5000. Barring FMCG and IT, all sectoral indices closed negative with realty, metal, banking and power being the worst performers. The Sensex closed at 16480, down 67 points from its previous close, and the Nifty closed at 4975, down 25 points.
The market breadth was negative with advances at 386 against declines of 1048 on the NSE. The top Nifty gainers were ITC, Ranbaxy, Bajaj Auto and TCS while the biggest losers included JP Associates, Sail, Grasim and DLF.
The markets closed with moderate losses today with realty and metal being the worst performers.
Technical Analysis: The Sensex closed at 16480 down 67 points from its previous close, and Nifty closed at 4975 down 25 points. The market as of now is indicating a negative bias. On the higher side 5000 and 5050 will be the strong resistance levels while on the lower side 4950 will be the strong support levels.
Suggested Strategy: It is advisable to tread the markets cautiously. Only expert investors who can read efficiently the charts can take position. Others can take a holiday and remain on the sidelines for the time being.
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