Intraday Trend-23/05/2013

Benchmark Indices again traded in corrective manner settling on lower side and exhibiting lower highs and lower lows on daily charts since last three sessions. Nifty future will find its major support around 6060 i.e. 23.6% retracement and reversals may occur from this support range of 6060-6020. If nifty holds above 6155 then it may again lead towards new highs where it will find immediate resistance around 6200.

TREND: SIDEWAYS

SUPPORT: 6060 & 6020

RESISTANCE: 6155 & 6200

Major Market News:

  • Nifty ends at 6100; cap goods, realty, oil & gas drag.
  • L&T share plunge wipes out Rs 51 bn in value.
  • Zee Ent Q4 profit rises 12%, beats estimates.
  • Tech Mahindra surges on strong Q4 earnings.
  • Puravankara plunges after fixing IPP issue price band at discount.

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