A late rally in the markets enabled the indices to close with significant gains with capital goods, realty, FMCG, power and banking being the lead gainers. IT and tech were the worst performers in Friday’s session and consumer durables and healthcare, too, closed with marginal declines.
The market breadth was negative with advances at 666 against declines of 736 on the NSE. The top Nifty gainers were Reliance Infra, GAIL, Sterlite Industries and L&T while losers included Cairn India, ONGC, Maruti and Power Grid.
Technical Analysis: The Sensex closed at 16719, up 70 points from its previous close, and the Nifty shut shop at 5068, up 19 points. On the higher side Nifty 5100 and 5150 are the strong resistance levels while on the lower side 5050 and 5000 are the strong support levels.
Suggested Strategy: As expected, the markets are on a short upward trend. However, two important events i.e. Greece elections and RBI’s credit policy will determine the future course of action. Keep booking profits at regular intervals. Trade lightly. Fundamentally strong shares may be added to the portfolio on market dips.
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