It was a sluggish day for the markets as Nifty hovered around 5400 for the whole session. In the end, Bulls just about managed to move Nifty past 5400. July series of derivatives expired with a gain of 90 points for the whole series. Banking sector was the clear out performer for the series as Bank Nifty gained about 5%, with many banks managing much higher gains for the series. Some side counters like Titan, Sintex, Petronet, Godrej Ind, United Spirits, LIC Hsg, Core Projects, Exide and Bharat Forge were amongst the significant gainers for the series. Losers amongst the heavyweights were RIL, Maruti, Hero Honda, Dr Reddy and JSPL. Results played their part in changing the sentiments for many stocks. So, while TCS was a major gainer post its numbers, stocks like Maruti and RIL were the clear losers post results. Overall, market managed to sustain its uptrend though the momentum seems to be waning a bit for last week or ten days. Technically, Nifty made a new high at 5477 but has since found it difficult to sustain above 5440-50. Higher levels have attracted profit taking but on the positive side Nifty has managed to sustain above the short term support levels of 5350-70. Break below 5350 could be an early sign of break down but till that happens even the short term trend could be taken as positive. On the higher side, 5440-60 would act as a significant barrier. Banking, in fact the whole financial sector continues to be in a firm uptrend. IFCI has seen a breakout above 62 and could have an immediate target of Rs 67-69. HDFC may have completed its corrective move and is likely to move to around 3060-70 in coming sessions. Tata Steel and Sterlite have positive short term structure and could see reasonable upside.
Below 5390 Nifty could slip to around 5335-50 while resistance is seen around 5440-45.
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