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Nifty touches 5,350; metals, auto, banks gain

Posted by sandhyaravii on August 8, 2012

MUMBAI: The Nifty opened on a positive note, in line with Asian peers, led by gains in Tata Motors, Jaiprakash Associates, Jindal Steel and Mahindra & Mahindra. The market momentum looks bullish at the moment and dips should be used to add long positions, According to analysts.

At 09:16 a.m., the 50-share NSE Nifty was at 5,346.80, up 10.10 points or 0.19 per cent. It has touched a high of 5,350.60 and a low of 5,339.70 in early trade.

The Sensex was at 17,628.80, up 27.02 points or 0.15 per cent. It has touched a high of 17,660.46 and a low of 17,609.24 in early trade.

“A break-out happened at about 5,250 and further confirmed after closing above 5,300. The market is in an upward mode and all declines towards 5,300 should be bought unless we close below 5,280,” Ashwani Gujral, Fund Manager at ashwanigujral com, said.

The Nifty is likely to face intermediate resistance around 5,363 and support at 5,294, he added.

The BSE Midcap Index was up 0.47 per cent and the BSE Smallcap Index moved 0.40 per cent higher.

Among sectoral indices, the BSE Auto Index was up 0.80 per cent, the BSE Bankex moved 0.42 per cent higher and the BSE Metal Index gained 1.36 per cent. The BSE FMCG Index was down 0.08 per cent.

E FMCG Index was down 0.08 per cent.




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