Nifty continued to drift lower though the momentum slowed down a bit. Some buying was seen at lower levels in some of the stocks that were butchered yesterday. ADA group counters notably Reliance Infra, was amongst the prominent gainers for the day as it moved up by more than 10% amidst huge volumes. LITL was the biggest gainer on account of profit taking by bears as well as some value buying at lower lower levels. Stock was up more than 20%. Some others that gained some ground were Onmobile, GMR Infra, Jain Irrigation, Polaris, Dish TV, JSW Steel, Ashok Leyland, Crompton, TVS motors and JP Associates. Most of these names have seen deep cuts in last 2-3 weeks. But some of the heavyweights saw fresh selling and that kept indices under check. Bharti, RIL, Infosys and SBI were amongst the index losers. Some of the other significant losers were Tata Comm, Ind Hotels, United Spirits, Bombay Dyeing, DCB, Petronet, Alok and Pantaloon.
Nifty dipped below 5200 for a while before some short covering helped to close it above 5200. But, still the pressure was evident at higher levels as Nifty moved past 5250 twice before slipping back again. Selling seem to have caught up with the relative outperformers now as Tata Steel, Bharti , petronet and TCS lost ground today. Tata Steel has support around 590-95 and closing below it could take it to around Rs 560-65. Petronet too has support around 115 and sustained trades below this could take it lower to around 105. Hindalco is also showing some weakness and has broken down below 218. Nifty could see some more short covering once it begins to trade above 5285-5300. On the downside some support is likely around 5140- 50.
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