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Sensex in positive
May, 04th 2010

The Indian stock markets opened in the positive Tuesday, tracking a rebound in other Asian markets.

The Sensex opened at 17,371.75 against the previous close of 17,386.08. The BSE sensitive index traded at 17,444.69, up 58.61 points or 0.34 per cent. The 30-share index touched a high of 17,464.82.

Nifty was ruling at 5233.15, gaining 10.4 points or 0.20 per cent. The NSE benchmark opened the session at 5223.90 against Mondays close of 5222.75. In the early minutes of trade, the 50-share moved between 5250.15 and 5221.65.

Auto and healthcare stocks took the lead among the sectors while consumer goods, which were much in demand in the earlier session, slowed down.

In line with mixed global markets today, our market may see flat opening and may move in a range bound mode. Nifty has strong support around 5180 levels. If it sustains below these levels, then we may see selling pressure till 5150-5120 levels. On the upside, if Nifty sustains above 5250 levels, only then can we see an upmove till 5280-5300 levels, brokerage Anand Rathi said in its daily report.
The brokerage added that reversal of the short term positive trend can be seen below 5150-5100 levels. If Nifty closes below 5150 levels, then selling could intensify and liquidating leverage and excessive positions would be advised.

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