Nifty Has Resistance At 4083 - 4131: Abhishek Jain, StocksIdea.com
After opening with a gain of 45.66 points, at 13,803.12 on Friday, the Sensex ended the day on a weak note led by oil & gas, power, capital goods and realty stocks.
However, IT stocks managed to trade in the positive terrain.
During the first half, the stocks witnessed a sea-saw trend, and the Sensex hit an intraday high of 13,897.19. Later, the index fell into the negative zone in the second half owing to heavy selling action pressure across index heavyweight and touched a low of 13,418.39 during the low.
At last, the Sensex closed on a weak note as the negative European market backed the overall reaction.
Secondline stocks also went down. BSE Midcap and Smallcap index lost 1.92% and 1.79% respectively.
Among the sectoral indices, BSE Oil & gas fell 3.28%, Power, Capital goods, Realty and PSU lost more than 2% each, whereas IT surged 2.17%.
The Sensex closed the day with a loss of 253.24 points at 13,504.22, while the broad-based NSE Nifty declined 77.05 points at 4,003.90. It hit a intraday high of 4,129.95 and an intraday low of 3,976.80.
The top gainers in the 30-share index included Wipro (3.37%), Sterlite Industries (India) (3.32%), Infosys Tech (2.97%), TCS (1.56%), Maruti Suzuki India (0.70%), and HUL
(0.23%).
The major losers in the list were Reliance Energy (6.50%), JP Asso (5.62%), RCom (5.43%), HDFC (4.66%), Sun Pharma (4.16%), and RIL (3.99%).
While commenting on the stock market outlook for the coming week, stock market analyst Abhishek Jain of Stocksidea. com said that the support for the Sensex is at
13411
- 12759 and the resistance to the up move is at 13783 - 14134.
The sensex is looking sideways for the coming days, Mr. Jain added.
For Nifty, the support is at 3967 - 3869 and the resistance to the resistance to the up move is at 4083 - 4131.