Markets made a remarkable recovery post SBI Q4 results despite of weak global cues. Nifty future opened gap down with 74 points and soon it bounced back towards the resistance level of 4900 supported with good volumes but could not give closing above 4900 mark. We need a closing above 4950 for bulls to continue further. On higher side, 5000 is seen as important psychological resistance level. On lower levels, 4830 is seen as strong support level for it.
TREND: SIDEWAYS
SUPPORT : 4830 & 4760 RESISTANCE: 4950 & 5000
Major Market News –
- Ø Sensex bounces back above 16,000; SBI, NTPC rally.
- Ø SBI Q4 PAT beats street, asset quality improves.
- Ø Cairn offers to boost oil production to aid cut in imports.
- Ø Karnataka Bank Q4 profit drops 8.4%.
- Ø Consumer price inflation soars to 10.36% in April.
- Ø Coal India Q4 sales seen up 17% at Rs 1,7672cr.
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Markets ended flat after the choppy session so held. Nifty future could not hold near the levels of 4900 and thereafter dragged towards its support of 4830. Now, if it maintains in the range of 4850-4830 we can soon see nifty plunging towards 4700 and increase in open interest is also indicating weakness in market. On higher levels, 4900 is still acting as strong resistance which if surpasses then 4950 isseen as next resistance for it.
TREND: SIDEWAYS
SUPPORT: 4800 & 4750 RESISTANCE: 4900 & 4950
Major Market News –
- Sensex pares some gains to trade flat; HC, CG drop.
- FMCG, realty and metal outperformed all other sectors.
- Bajaj Auto misses Q4 profit estimates slightly.
- Zee News reports loss of Rs 39.5 mn in Q4.
- DLF, HUDA to invest up to Rs 600-crore on 16-lane road in Gurgaon.
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Markets had gap down opening and showed choppy movements for the whole session. Weakened rupee and negative global markets also contributed to the volatility of the market. Nifty future was unable to break the crucial support of 4800 and settled near the resistance level of 4850. If it is able to sustain above 4900 then only we can expect some strength in market which may lead it towards resistance level of 4950. However, weakness is still seen till it trades in the range of 4850-4800.
TREND: SIDEWAYS
SUPPORT: 4800 & 4750 RESISTANCE: 4900 & 4950
Major Market News –
- Sensex pares some losses; trades above 16,000.
- Unitech consolidated Q4 profit plunges 97.8%.
- Edelweiss Financial consolidated Q4 profit plunges 43.7%.
- Tata Motors plunges on dismal JLR sales.
- Mcnally Bharat bags order worth Rs 1 bn from BHEL.
- Cox & Kings plans to raise $140 million; posts 73% fall in Q4 net
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Markets traded on higher levels and moved with positive biasness for the whole session. Nifty future was able to sustain above 4900 for the whole session where 4950 acted as strong resistance for it. Now, if it is able to maintain above 4950 then we expect it to move towards the range of 4980-5000 while on the other hand, 4900 is seen as crucial mark for it below which nifty will occur in the weak zone where 4835 is seen as strong support for it.
TREND: SIDEWAYS
SUPPORT : 4885 & 4835 RESISTANCE: 4980 & 5030
Major Market News –
- Sensex rallies 141 points; L&T, Infosys lead.
- Aditya Birla Nuvo consolidated Q4 profit plunges 42%.
- Cummins India Q4 profit up marginally.
- Eicher Motors consolidated Q1 profit surges 49.5%.
- Divi’s Lab rises on reports of MSCI inclusion.
- BPCL, Videocon up on Mozambique gas discovery.
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Nifty Trend: SIDEWAYS
Resistance: 4935/5000
Support:4830/4780
F&O Ban: ABGSHIP.
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