Market Scenario 28/06/12

The markets traded range bound today with metal, power and IT being the biggest gainers. Banking and capital goods, too, made some gains while auto and consumer durables pulled the indices down.

The market breadth was positive with advances at 787 against declines of 618 on the NSE. The top Nifty gainers were Sesa Goa, IDFC, Tata Steel and Tata Power while losers included Tata Motors, Cairn India, Kotak Mahindra Bank and ACC.

The markets moved in a narrow band. The markets remains indecisive. Perhaps, a clear trend may emerge after the Presidential Elections.

Technical Analysis: The Sensex closed at 16968, up 61 points from its previous close, and the Nifty closed at 5142, up 21 points. On the higher side 5150 and 5200 are the strong resistance levels while on the lower side 5100 and 5050 are the strong support levels.

Suggested Strategy: The markets are indecisive with a positive bias. Markets are waiting for some good news to emerge to break out on the upside. May be, the markets may consolidate till such time. Your strategy should be to trade less but trade right.