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| Tech view: Bias still positive |
| Rex Cano / Mumbai Feb 19, 2010, 08:34 IST |
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The markets yesterday ended in red owing to profit taking in metal stocks and weakness in Reliance. In fact, Reliance alone accounted for a 74-point loss for the Sensex on Thursday. The Sensex touched a high of 16,453 in early trades, thereafter languished in negative terrain for rest of the day. The index finally ended with a loss of 101 points at 16,328.
Apart from Reliance - down 3.3%, Sterlite, Jaiprakash Associates, Reliance Infrastructure and Reliance Communications were the other major losers. On the other hand, HDFC Bank and NTPC ended with decent gains of 1.5% each.
Although, the markets did not rise yesterday as expected the bias still remains positive. Today, the index is likely to find considerable support around 16,265-16,225, on the up side the index could face resistence around 16,390-16,430.
The NSE Nifty moved in a narrow range of 48 points, from a high of 4,922 the index dropped to a low of 4,874, and eventually settled with a loss of 26 points at 4,888.
The index has ended higher for the second straight day above its short-term moving average, another close above 4,866 could ensure an up thurst in the coming days towards the medium-term moving average.
Today, the index is likely to find support around 4,870-4,858, while face resistance around 4,905-4,917.
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