Market Scenario 22/06/12

The markets closed with substantial gains today with realty, banking, capital goods and power being the biggest gainers. Oil & gas lost substantially today and consumer durables and IT, too, closed negative.

The market breadth was positive with advances at 912 against declines of 498 on the NSE. The top Nifty gainers were JP Associates, Reliance Infra, DLF and BHEL while losers included Reliance, Cairn India, TCS and Ambuja Cements.

The markets are critically poised and are waiting for some crucial news to break out in a particular direction. Wait and watch.

Technical Analysis: The Sensex closed at 17033, up 136 points from its previous close, and the Nifty shut shop at 5165, up 44 points. On the higher side Nifty 5200 is the strong resistance level while on the lower side 5100 is the strong support level.

Suggested Strategy: Markets are at an indecisive stage. Only the Nifty decisively crosses the 5200 mark, a smart rally can be seen. Carefully watch the markets movements and take position accordingly.