Indian Stock markets have slipped over 450 points from day’s high. At 3.10 p.m. IST, NSE Nifty was up by mere 10 points at 4749. Banking Stocks were still trading strong. IT Stocks were also helping the indices to remain firm. Metal Stocks were dragging indices down.

Tata Steel was down by 3.3%. Reliance Energy was major loser on BSE. The stock lost around 4% and was trading at Rs 1240. BHEL lost over 1.7%.

HDFC, ICICI Bank and HDFC Bank were still holding strong. Infosys Technologies was among major gainers. The stock was up by 4% at Rs 1479.

Munesh Khanna of Anagram Stock Broking said in a recent interview with Business Channel CNBC TV18 that Indian stock markets will depend on US markets. He said that the signals from US markets are not very negative right now. In addition, the markets world over have corrected quite sharply over last 2 months. Many stocks are currently at very attractive valuations.

Mr. Munesh feels that 5000 and 5120 are major resistance levels for NSE Nifty. Uptrend in US Markets will help the local markets to cross the resistance over next 2 – 3 months.

There has been lot of volatility in the past few weeks in world markets. Oil prices have remained strong. Inflation in India is a major issue as well. Upcoming elections in the country have left UPA government with no option but to offer sweet pill to common man. Finance minister recently called a meeting to curb inflation.