Equity Market as on May 8, 2013
In todays session due to positive global cues, Nifty opened in gap up with 20 odd points at around 6064 levels. But, couldnt sustain for long & showed some correction in the first half of the trading session & traded in red as expected. Later on, in the second half, some strength was seen but again it was facing Resistance around 6060 levels. In last 15 min, Nifty managed to break its Resistance & closed at high point of the day. Today, FMCG Sector supported Nifty the most to stay in green. Metal & Infra sector tried to pull Nifty in red.
View for May 9, 2013
As we have seen closing of Nifty is into its Resistance zone of 6060- 6112 levels, Nifty is still trading below it major break out level of 6112, if it manages to close above this level then a rally of another 150 points is possible. Otherwise, if Nifty manages to break 6020 level on the downside then some correction can be seen till 5990 & 5925 levels. It is suggested to wait for a breakout for fresh long positions because possibility of profit taking is very high at these levels.