There was some respite for the bulls as Nifty snapped its losing streak. Bailout package for Ireland and relief for Greece calmed the nerves a bit as far as global sentiments were concerned. Back home it was a nervous day despite some buying in certain key heavyweights like RIL, Bhel and L&T. Realty counters remained under pressure and the rebound seen in some of these was mild and hesitant. Index movement was basically on account of some buying at lower levels in Bharti, RIL and Bhel. BGR Energy was the biggest gainer amongst the F&O counters as it gained almost 22% on record volumes. Few others that found bargain buyers were IRB Infra, Chambal, Adani, Renuka, IFCI, Onmobile, Cairns, Bank of India, APIL and GMR Infra. Core Projects continued to struggle and selling was also seen in Escorts, Reliance Infra, Neyvelli, Welcorp, IVRCL Infra, EKC, Power Grid and RCOM.
Nifty did not make a fresh low and hesitatingly managed to move past 5800. Its real test would be to sustain above 5850-5880 as higher levels could invite fresh selling. The stocks and the sectors that have struggled over last few days continue to look jittery despite having fallen sharply. It needs to be seen whether index as well as the weaker stocks hold their Friday’s lows. IT and Pharma counters are being looked upon as safe havens and the price behaviour also reflects this. So, stocks like Lupin, Sun Pharma, TCS and Infosys are looking good. Bharti has been resilient and could be looked at as a positional trade or investment. Few others that are showing positive tendency are Indusind Bank, IFCI, Ultratech, Voltas, GE Shipping, Renuka Sugars and Auro Pharma.
Nifty has support around 5740-50 and then around 5680-90 while resistance is seen around 5870 and then 5925-30.
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