The prices has given a bullish breakout from the trading range of seven odd days. This indicates that Nifty will continue to scale higher in the near future and upward momentum will continue to rule. Hence, we still maintain our bullish stance for the target of 5,700.
The markets recovered from the lows of the day to close with only moderate declines. Realty, power, capital goods and IT made significant gains while metal and oil & gas came under selling pressure. The Sensex closed at 18154, down 48 points from its previous close, and the Nifty shut shop at 5522, down 10 points. The CNX Midcap index closed with 1% gain while the BSE Smallcap index was also up 1% in today's trade. The market breadth was positive with advances at 832 against declines of 630 on the NSE. The top Nifty gainers were Hero MotoCorp, Jindal Steel, SBI andMaruti Suzuki while the biggest losers included Coal India,Hindalco, Tata Motors and Sterlite Industries.
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