We saw that the Nifty opened flat in the morning session at 5930 levels. After that, the markets were trading in a sideways range between 5910-5945 levels. There after, the afternoon session saw a sharp dip for our markets to the 5830 levels. The markets then made an attempt to move upwards, but faced heavy resistance at 5870 levels and again moved downwards. Hence, the Nifty closed very weak for the day at 5847, (-1.43%) below its previous close. But, the advance: decline ratio was flat at 585:597.

The American markets have closed weak. The Asian Indices are currently trading flat with a slightly positive bias. We can expect a subdued opening for our markets in the morning session. But, the intra day support at 5800 should hold for the day. Later on towards the closing we can get a slight pullback for our markets Hence, we expect to close flat to slightly positive for the day. We can see that the markets have closed at 5866 levels today. We can also notice on the daily charts that the markets are consolidating in the 5850-5950 range for the past few trading sessions. But, this consolidation has come, after a sharp run for our markets from the 5070 to 6000 levels. Hence, we expect this consolidation to continue for some more time and the markets should continue to trade in the 5800-5900 levels for some more time.

The BSE Realty Index closed at 10348 levels today, which is (0.20%) above its previous close. We can see that this index is currently trading close to its all time high levels. This index, has got a strong support at 10200, which should hold in the short term. Hence, we expect this sector to move to the 10500 levels in the short term. We like Unitech and Penninsula Land in this sector.

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