Market Scenario 18/07/12

The markets lost all the early gains in the afternoon and closed negative. IT, metal, realty and power were the worst performers in today's session and auto and capital goods, too, lost significantly. Healthcare, consumer durables and oil & gas closed positive.

The market breadth was negative with advances at 507 against declines of 936 on the NSE. The top Nifty gainers were Bharti Airtel, Maruti Suzuki, Dr Reddys and Axis Bank while losers included Tata Steel, TCS, Tata Motors and Jindal Steel.

Markets are moving in a listless manner. The trend may continue for some more time.

Technical Analysis: The Sensex closed at 17103, down 110 points from its previous close, and the Nifty shut shop at 5197, down 30 points. On the higher side 5200 and 5250 are the strong resistance levels while on the lower side 5150 and 5100 are strong support levels.

Suggested Strategy: The markets are moving in a very narrow range. This trend may continue for a few more sessions. However, no decisive break out on either side is visualized in the near term. Keep booking profits at higher levels and buy strong shares on declines.