Intraday Trend-07/06/2013

Markets opened gap down but was unable to surpass support levels and bounced towards higher levels and settled on a flat note. Nifty future as per our last report bounced from its support after its lower lows on daily charts and resisted near 5970. Still, it is facing strong support around 5880-5860 from where immediate correction can lift the index towards resistance levels. Stiff resistance is seen in the range of 5970-6000 for the coming session.

TREND: SIDEWAYS

SUPPORT: 5890 & 5850

RESISTANCE: 5970 & 6020

Major Market News:

  • Sensex trades higher; banks, realty lead.
  • Nikkei closes below 13,000 at 2-month low, nears bear market territory.
  • Maruti Suzuki India goes for one day production shut-down.
  • HMT surges on land sale plan buzz.
  • Mukand Ltd board approves Rs 160 cr rights issue.

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