Another Listless Day In The Markets

Markets were in a slightly positive mode as Nifty managed to trade above 5400 for most part of the day. Indices were largely helped by heavyweights like Bharti, SBI, HDFC, JP Associates and DLF. Maruti witnessed some value buying at lower levels and was amongst the day’s top gainers. Some banking and infra stocks too were on the value buying list. Some of the prominent gainers were LITL, Tata Comm, Neyvelli, Apollo Tyres, Havells, Maruti, Opto Circuits, Pantaloon, Renuka , LIC Hsg and Bata India. But, despite the positive bias throughout the session market lacked any momentum and traders’ activity was also on the lower side.

Nothing much changed technically as Nifty failed to build any positive momentum. The 5420-25 zone provided intraday resistance and despite trading around that level Nifty failed to make any substantial headway. Nothing much is happening at the bourses and there are not much trading opportunities even for the short term. Lack of momentum is visible on both sides, Buy as well as side and it seems waiting for even reasonably probable trading opportunities is the only option as of now. For Nifty, support is seen around 5330-35 and sustained trades above 5430 could open a 50-60 points opportunity on the upside.