3rd Sept 2010: It was a day of consolidation as Nifty traded in a narrow band. It moved past 5500 in early trades but then settled in a narrow range of about 20 points. There was flurry of activity in banking counters particularly the mid cap ones. Stocks like IOB, Syndicate Bank, IDBI, Dena Bank, Vijaya bank and Uco bank were once again in the limelight and attracted good volumes. Axis was the most active amongst the bigger names. Sugar stocks also came in for some trading activity on decontrol news. Apollo Tyre was the biggest gainer amongst the derivative counters as it surged by around 12% on heavy volumes. Other big gainers were Suzlon, Ispat, Exide, EKC, Hexaware, BEML, Core Projects, JP Associates and Mcleod Russell. Hero Honda continued to be under pressure and was amongst the biggest loser for the day. Some of the other losers were Adani Power, Hind Zinc, United Spirits, Gail, Patni, Unitech, Mundra Port and Kotak. Nifty finally shut shop at 5486, up 15 points.

 Nifty encountered some resistance around 5510. Stock specific activity could once again be at the forefront as was seen even today. Some counters that look bullish are some banking counters like Uco bank, IDBI, BOB, Vijaya Bank and Allahabad bank. Reliance Cap has been a relative outperformer amongst the Reliance pack as it shed considerably less weight over past two weeks. Indicators are suggesting a fresh upmove and stock could move up sharply if it sustains above 780. Others that look good are Ultratech, Ambuja, Bhushan Steel, BEML and Lupin( above 366).

 Nifty has immediate support around 5440-45 while resistance is likely around 5510-20.