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Stock Markets Stock Markets Sensex Has Resistance At 15467-15739: Abhishek Jain, StocksIdea.com
Stock Markets Stock Markets Sensex Has Resistance At 15467-15739: Abhishek Jain, StocksIdea.com
| Sensex Has Resistance At 15467-15739: Abhishek Jain, StocksIdea.com |
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| Written by Administrator |
| Monday, 15 June 2009 17:16 |
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It opened on a flat note on Friday on the back of optimistic global signs and traded positively owing to buying action witnessed across frontline stocks. But, in the afternoon trading, the stock index declined into the negative terrain because of profit booking in select pivotal stocks. Later it extended its losses after the declaration of April IIP numbers. Even starting of European markets added fuel to the overall reaction. Index for industrial production (IIP) saw a growth of 1.4% during April 2009 as compared to the negative growth of 2.3% in March 2009 after remaining negative for months even though certain segments such as consumer non-durables and capital goods continued to contract. BSE Midcap and Smallcap index declined 2.10% and 2.21% respectively. The Sensex closed the week after losing 173.53 points, or 1.13% at 15,237.94. It hit an intraday high of 15,600.30 and an intraday low of 15,174.28. In contrast, the broad-based NSE Nifty fell 54.30 points, or 1.17% at 4,583.40 after touching an intraday high of 4,693.20 and an intraday low of 4,566.15. The gainers in the Sensex pack included Reliance Industries, Sterlite Ind (India), Oil & Natural Gas Corporation and Tata Steel. On the other hand, the major losers’ among Sensex included DLF, RCom, Ranbaxy Laboratories, Reliance Capital, Mahindra & Mahindra and Tata Motors. While commenting on the stock market outlook for the coming week, stock analyst Abhishek Jain of Stocksidea.com said that the support for the Sensex is at 15125/14764 and the resistance to the up move is at 15467/15739. Technically sensex looking sideways for coming days, Mr. Jain said. For Nifty, the support is at 4557/4463 and the resistance to the up move is at 4626/4674. |