Global mkts to decide if Nifty can go to 5,200
Published on Friday, November 13th, 2009 at 10:10 PMAuthor: stockalert (2027 Articles)
The Nifty closed around the 5,000 mark today, up about 50 points odd but is up 4% for the week. The Oil Ministry proposed a 31% hike in the price of natural gas. ONGC and Oil India reacted very positively to the news. The Disinvestment Secretary outlined the parameters for the disinvestment candidates, and said that the new PSU FPOs will follow the book building auction route.
In the largecap universe, ONGC and Oil India did very well after the proposal for raising natural gas prices by the oil ministry came in today and both those stocks ended high. In the financial space, IDFC was the star.
Autos did well, as did Maruti and Hero Honda which have been lagging. Tata Motors for the last few sessions came back well today. Hindustan Unilever had a good session and Bharti was not too badly managed to keep its head above the Rs 300 mark. On the way down some of the high beta names like Suzlon and JP Associates struggled a little bit today.
So far the trend does not seem to have broken. We have put on 4-4.5% for the week. There are still a lot of people who believe that there is life beyond 5,000 and it will not be very easy, but that is not what the screen is suggesting today. We started flat and then managed to work our way back up to 5,000. It is admittedly facing a little bit of headwind resistance every time it goes above that 5,000 mark but it does not seem broken yet. I think the screen is pretty strong still.
Next week the key question is whether global markets hold up, the dollar goes back from its mild retracement that we have seen over the last couple of days and that paves the way for the S&P to get back above 1100 which may coincide with a breakout decisively above that 5,000-5,050 mark for the Nifty.
So from a trading perspective I think you will still have to say that the shape is upward curving. It depends on global markets whether we can get, get close to that 5180-5200 mark next week in next week’s trade which was our intermediate high.
Source : MoneyControl
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