Nifty opened with a big positive gap, thanks to the positive cues from US. From then on markets went into a consolidation mode as Nifty traded around 6000 for most part of the session. Stock specific moves were seen as certain stocks rallied sharply while others like Hero Honda reacted negatively to company specific announcements. Metals witnessed follow-up buying as stocks like Sterlite, tata steel and Hindalco moved higher. Certain stocks that had witnessed heavy sell offs like HDIL continued to gain ground. RIL was the prominent index mover as it was primarily instrumental in Nifty closing past 6000. Some of the other major gainers were Praj, Jain Irrigation, Pantaloon, Bombay Dyeing, Apollo Tyres, GSPL, Dabur, Polaris, Max, Dish TV and Punj Lloyd. Losers were Ultratech, IRB, Jet Airways, Chambal, Mundra Port and Lupin.
Nifty found resistance around 6030 and then consolidated around 6000. 5970 and 5920 are important support levels in the immediate term and probability is that Nifty might consolidate its gains of past 4 days and could be sideways between 5920 and 6050. Fresh momentum is likely once Nifty sustains above 6050 and then the levels of 6180-6220 could be targeted. Bharti has seen sideways consolidation for past couple of sessions and could resume its upward journey soon. Havell’s could move to around Rs 425 if it sustains above Rs 395. HDFC has some resistance around 710 and above that it could move to around Rs 725-730. Sobha could breakout above 337 and might target Rs 355-360.
Nifty has support around 5960-70 and then around 5915-25 while fresh momentum is likely above 6050.
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