It was an extremely dull and boring trading session as Nifty traded in a very narrow range. In fact, the intra day range for Nifty was only 40 points, narrowest over last 5-6 weeks. Needless to say most of the heavyweights were range bound. Steel stocks were under profit taking pressure with JSW steel losing the most. Tata Steel too lost some ground as did Sail. Infosys held the index as it made a new high. Sugar stocks staged a late rally and were amongst the top gainers for the day. Some of the prominent gainers were Sintex, Sun Pharma, FSL, ABB, Polaris, Divis Lab, OBC and Triveni. Some of the losers were Mundraport, Ashok Ley, IRB, REC, APIL, IBReal, Escorts, HPCL and Andhra bank. Nifty finally closed almost around the
previous close.
Nothing significant happened to materially change the technical picture. Still, we have levels of 5940-50 on the downside and 6020-30 on the upside. Banking remains a joker in the pack and can tilt the balance conclusively either way. Metals and IT remain the sectors with upside momentum while Realty is clearly showing downside momentum. Autos are also not showing any strength and only Tata Motors retains the positive bias. Sugar stocks are showing positive bias and an upside till 88-89 is seen in balrampur Chini. Mid cap IT is also looking good. Hexaware may see upside till 114-116 while Polaris could move to around Rs 188-190.
Nifty has now immediate support around 5935-45 and then around 5880 while resistance is likely at 6030 and then around 6070-80.
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