Closing bell: Weekend selling pares RIL gains at Sensex, Nifty
Comparing the current close with previous Friday, the Indian indies logged more than 1 per cent weekend gains. Sensex registered 1.05 per ent weekend gains while the Nifty logged 1.04 per cent weekend gains.
Facing strong selling pressure on the weekend trading sessions at majority of the sectors except IT, oil, gas and energy, the BSE Sensex and 50-strip Nifty failed to take advangae of robust jump in the Reliance Industries share. The BSE Sensex close 12 points up at 36,386 levels while Nifty edged 1.75 points higher to 10,906 mark, above the psychological levels of 10,900. Shares of KRBL, Vakrangee, Reliance Industries and Wipro were among the top gaining stocks while Linde India, Sun Pharma Advance, Sun Pharma, Bharti Airtel and Sun TV Network share were among the top losing stocks.
However, comparing the current close with previous Friday, the Indian indies logged more than 1 per cent weekend gains. Sensex registered 1.05 per ent weekend gains while the Nifty logged 1.04 per cent weekend gains.
Commenting upon the market trend in last three trading sessions Mehul Kothari, Senior Technical Analyst, IndiaNivesh Securities told in a written statement, "Despite some initial hiccups during the Thursday session, Nifty managed to close above 10880. In fact it has closed above 10900 which indicate that the triangle breakout is still intact and Nifty has a potential to sneak above 11000 mark. At the same time, we also maintain our stance that 11200 still remains a very strong hurdle for the bulls. Thus we would advise traders to start booking profits once index arrives near that zone. As of now, the support of 10620 has now been shifted to 10690." He said that only a move below the same might dwell the ongoing momentum. For the coming sessions 10930 and 10840 would remain an intermediate resistance & support respectively for the markets. Currently we advise traders to trade with positive bias but avoid any overleveraged positions.
Among Asian bourses Japan's Nikkei closed 263 points or 1.29 per cent up from Thursday close, Korean Kospi went northward by 0.82 per cent, Hang Seng index shot up by around 1.25 per cent wbhile Shanghai index went northward by around 1.42 per cent.
At Wall Street in the US, Dow Jones went 162 points up or 0.67 per cent to 24,370 while Nasdaq went north by around 49 points or 0.71 per cent to 7,084 levels.
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