24th July 08:Markets
heaved a big sigh of relief as UPA won the trust vote and it got big thumbs up
from the stock markets. Sensex spurted by 850 points as it again came
tantalizingly close to 15000 marks that was looking a very distant target only a
couple of days ago. Power stocks as well as the
ADA
group stocks were biggest gainers while banks too maintained the momentum they
have shown in past few days. All the sector indices were up. Volumes were
extremely good and the breadth was excellent.
Nifty
closed above the 4465-70 resistance level and is now headed towards 4560-75
where its faces a sterner test. This also coincides with Sensex resistance at
around 15200-300. So far the leaders from banking, Power, Realty and Infra have
had a very good run up and we may be entering a side ways phase where the second
rung counters from these industries could try to catch up with the leaders. So
while the likes of SBI, Reliance Cap, L&T, Bhel, REL, NTPC and ICICI bank
might consolidate/correct, action might shift to the likes of DCB, BOB, Vijaya
Bank, IDFC, JP, Punj, GMR Infra, Kotak, Bombay Dyeing, Unitech, HCC, IFCI and
other such second rung stocks.
Nifty
faces immediate resistance around 4510 and a stronger one around 4570 while
support is now at around 4390-4410 and a stronger one around 4335-4350.