Markets erased the previous gains ahead of Reliance Q4 results. Nifty future continued to trade with flat to negative bias from the beginning of the session. Finally, it settled around the psychological level of 5300. But, on closing basis we expect some weakness in nifty and it may test the support level of 5250 surpassing which it may slip towards 5200. However, global strength may help nifty to lead towards 5350 while bullishness can be said only above strong resistance of 5410.
SUPPORT : 5250 & 5200 RESISTANCE: 5350 & 5410
Major Market News-
- Ø Freak trade, profit booking hit mkt, Nifty ends 42 pts down.
- Ø Pantaloon in talks to sell stake in Future Capital.
- Ø KEC International secures orders worth Rs 14.16 bn .
- Ø BHEL withdraws FPO papers on FinMin directive.
- Ø PNB, IDBI Bank, BOB fall on lower margin fears.
- Ø Escorts says no truth in hostile takeover rumours.
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