By Bharti Navlani
MUMBAI (Commodity Online): Indian stock market today touched the crucial level of 5160 but was not able to cross it. Ongoing earnings season will clear the valuation which will decide the further move.
Technically, if Nifty Spot is able to cross and sustain above 5160, good buying is expected which can lift it to 5400 and if Nifty again falls back below 5055 then it can again touch the 4740. But the range between 5055-5160 is indecisive.
The 50-share S&P CNX Nifty today gave gap up open at 5156 but was not able to sustain and selling was seen for the first half session which dragged Nifty to the low of 5085 thereafter market traded in narrow range and ended with minor losses at 5118 down by 14 points.
The European markets are also trading positive. The FTSE index is up by 46 points, DAX index is up by 42 points and CAC index is up by 20 points.
The market breadth, indicating the health of the market was almost neutral. On NSE, 670 shares advanced while 761 shares declined. Total of 57 shares remained unchanged.
Out of 50-share S&P CNX Nifty pack, 22 scrips advanced while 27 scrips declined. Tata Motors was up by 4.42%, Cairn was up by 3.73% and Ambuja Cement was up by 2.65% were the top gainers from the Nifty pack.
Reliance was down by 3.9%, BPCL was down by 2.97% and SAIL was down by 2.96% were the top losers from the Nifty pack.
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