Indian indices faced profit booking after a good rally & because of weak global cues, selling pressure through out the day and finally closed around day's low, Sensex closed at 17141, down 189 points and Nifty at 5136, down 57 points from the previous close.
The US markets are closed in negative on the back of fall in commodity stocks, The Dow jones closed at 10748.26, down by 36.88 points, while S&P 500 closed at 1155.79, down by 3.94 points, however the Nasdaq closed marginally up by 064 points from its previous closed.
The Asian markets are trading mixed.
In the next session NIFTY may find support around 5040 and 5080 and Resistance at upper side around 5180-5220, expected to consolidate in the range 5040-5220.Traders are suggested to buy at dips. Fresh long position may be taken as long as NIFTY is sustaining above 200 DMA (4950) .METALS and BANKING May face selling in the next session while energy stocks may trade positive.
IIP numbers, to be announced during trading hours today, could provide some cues for Indian Indices and there could be increased force, specifically in capital goods and the infrastructure.
Stock for watch:
HOTELLEELA: Buy above 52.70 if cross with volume can touch 58-60 in near term.
HCL TECHNOLOGY: Looking weak on charts can touch 375 in near term.
Watch EKC above 137.
FACT can touch 63 in near term.
PIRAMAL HEALTH CARE looking weak on charts.
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