Markets failed to make much headway in a lackluster session. Nifty traded aimlessly throughout the day before settling towards the lower end of the day. It slipped below 5100 in the closing moments and closed just around that mark. Tata Motors and RIL were the main drags on the indices as while Tata motors lost more than 2.5%, RIL slipped by over 1.5%. Other prominent losers were JP Associates, Hindalco, Suzlon, IDFC, HDIL, Century, IDBI, REC and India Cements. HDFC duo were in demand and these two alongwith IT heavyweights managed to support the indices from slipping further. HDFC and HDFC bank gained around 2% each. Other decent gainers were Maruti, OBC, Colgate, LITL, TCS, Infosys, Piramal Health and Sun Pharma.
As observed yesterday Nifty went into a consolidation mode even as action shifted to cash stocks. Frontline stocks might continue in sideways mode or might even correct from current levels. Metal counters could slip further and some downside is likely in stocks like Tata Steel, Hindalco, JSPL and Sterlite. L&T is trading around its support at 1580 and might slip to around 1540-50 below 1580. On the other hand Maruti seems to be heading towards 1550-1560. Other stocks that could head higher are Biocon, Orchid Chem, BEL( above 2115), ICICI( above 935) and Bharti( above 293).
Nifty has immediate support around 5080-85 and then around 5040 while resistance is likely around 5120-25 and then 5170-75.
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