Nifty opened on a positive note and remained positive throughout the day. Short covering in banking heavyweights and some auto stocks helped Nifty to push for higher levels. HDFC, HDFC bank, ICICI and SBI moved higher and then there was some buying in FMCG heavyweights like HUL and ITC that further provided strength to Nifty. Metal and Bharti too helped with decent gains. Some of the prominent gainers were Ruchi Soya, Hind Zinc, HCC, MLL, Indian Info, Aban, REC, HUL, Bharti, Sterlite, Srei Infra, HDFC, HDFC Bank, Allahabad Bank and Opto circuits. PFC was the biggest loser while some other losers were Moser Baer, HDIL, Havells, Cipla, Sobha and Welcorp. Nifty finally settled at the highest point of the day at 6060.
Yesterday only we spoke about a breakout/breakdown and we were obliged by the markets instantly. Nifty kept on pushing for higher levels throughout the day as it broke past 6030. Short covering helped the momentum and it seems we have a decent breakout above 6030. Nifty may continue to move up sluggishly as there would still be various resistances ahead. We have a target of around 6180-6220 for this breakout that might take about 7-10 sessions. Support moves to around 5980 now. REC seems to have bottomed out though it might consolidate between 280 and 300. One can keep a stop below Rs270. Bharti could move to around Rs 370-375. HDFC, Bhushan, Union Bank and Hindalco are also looking positive.
Nifty has support around 6015-20 and then around 5970-80 while resistance is likely around 6120 and then 6170-80.
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