The market breadth was negative with advances at 653 against declines of 788 on the NSE. The top Nifty gainers were Ranbaxy, BPCL, Bank of Baroda and Infosys while losers included Bharti Airtel, IDFC, Sesa Goa and NTPC.
Markets are moving in a narrow band and not giving a clear cut direction. However, the market trend seems to be biased on the upside.
Technical Analysis: The Sensex closed at 17847, down 38 points from its previous close, and the Nifty shut shop at 5413, down 8 points. On the higher side 5450 and 5500 are the strong resistance levels while on the lower side 5400 and 5350 are the strong support levels.
Suggested Strategy: The markets moved in an extremely narrow range. However, some mid cap stocks scaled new heights. This is a stock pickers market. Pick sound stocks with a view to book profits at higher levels. Buy on dips should be the strategy.
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