Bulls continued to have a great spell in the middle as Nifty gained for sixth consecutive session. Nifty was up almost 80 points mid session before some profit taking pared some of the intra day gains. Still, Nifty finished the day above 5700 at 5736. Bharti led the list of index gainers as it posted gains of around 3%. HDFC, ONGC, DLF and Sterlite were some of the other top contributors to index. Banks too had yet another good day at office as Axis Bank led the list of banking gainers. Some of the top gainers overall were Max, Mphasis, DCHL, Srei Infra, Neyvelli, RCom, Sesa Goa, Allahabad Bank, Onmobile, IVRCL, Bata, BPCL, Maruti, DrReddy and Yes bank. Tech Mahindra encountered some late selling as the stock plummeted over 4.5%. Some others on the losing list were Moser Baer, Sterlite Tech, HOEC, IFCI, Welcorp, Tata Global and Ruchi Soya.
Nifty continued its dream run as it now trades within the zone that could provide some stiff resistance. HDFC faces some resistance around 690 and sustained trades above 690 could mean a strong breakout that could open up potential targets of around Rs 740-750. DLF is also on the verge of breakout and sustained trades above 255 could potentially take it to around 280-282. Some other stocks that have positive patterns are Sesa Goa( above 285), OnMobile, Crompton( above 275), Indian Bank, BOI, JSPL and JSW Steel( above 926).
Nifty is now trading within the resistance band at 5740-5775 while support is seen around 5650-65 and then 5610-20.
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