MARKET VIEW:
The American Markets have closed slightly weak. The Asian Indices are trading flat. We can expect a positive opening for our markets after yesterdays strong rally. But, our markets will face some upside resistance at 5940 levels. We can expect, slight profit booking at higher levels, but the intra day support at 5850 should hold for the day. Hence, we expect to close slightly positive for the day. We can see that the markets have closed at 5865 levels yesterday. We can also notice on the daily charts that the Nifty is continuously rising from its strong support at 5500 levels, with strong volumes everyday. After yesterdays strong closing the Nifty looks likely to gain further strength in the coming days, as its next resistance at 6000 levels can be breached on the upside successfully. Hence, we expect our markets to move higher to 6100 levels in the short term.
SECTOR INDICES:
BSE CONSUMER DURABLES (5732)
The BSE Consumer Durables index closed at 5732 levels yesterday, which is (6.83%), above its previous close. We can also notice that this index has got a strong support at 5000 levels, which is likely to be tested in the short term. Hence, we expect this index to move higher to 5900 levels in the short term. We recommend a buy in Videocon Ind. and Gitanjali Gems in this sector.
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