Nifty Support Levels by Geojit BNP Paribas Financial Services
Nifty has support at 4,100 and 3,956 levels
Alex Mathews head, research centre – Geojit BNP Paribas Financial Services commenting on the market outlook said, ”For Nifty the resistance is there at 4,500 and 4,550 levels while supports are there at 4,100 and 3,956 levels”.
Discussing on the market performance of the day (May.29, 2009) said, ”The markets had opened on a positive note on the back of positive and supportive cues from the global front and investors saw fully bull controlled market all though the day with supports coming in from the domestic front as well. During the trading hours the Q4 GDP rate came in which was at 5.8% and was better than the street expectation and strengthened the investors’ thoughts of a faster recovery of the economy. This made the realty and infrastructure stocks to attract more buying interest”.
”Further in the afternoon session, the oil minister Murli Deora came with his statement that a proposal to allow firms set retail fuel price based on the market prices would be send to the cabinet for discussion very soon. This triggered rally in oil and oil marketing companies with ONGC, HPCL, BPCL, Cairn and IOC leading from front. Finally the markets came to a close with Sensex gaining 2.3% and Nifty gaining 2.58%”, he further said.
He added, ”The FII data from NSE showed that they had bought near to Rs 18 billion yesterday. As far as foreign financial institutions are concerned, they waited a lot for a correction to happen so that they could enter into the market but the market isn’t showing any sign of coming down, so they are forced to enter at this level which is evident from the monthly investment of FIIs which is around Rs 176,435 million”.
He opened, ”The surge in oil prices shows the recovery in the global economy i.e. the prices are moving up as more oil is demanded around the world showing recovery in industrial activities. Private sector oil companies like Cairn, Essar Oil, and Dolphin Offshore may attract more buying”.
