Nifty Trading Sideways

The Indian market started on a positive note today. After a gap up opening, the Nifty has seen some profit booking this morning and is trading sideways as of now. Currently, the Nifty and Sensex are trading with marginal gains of 0.09% and 0.19% respectively.

Going ahead, the market is showing signs of continuing with its sideways movement, with strong support at the levels of 5815-5830. A break below these levels will take the market to levels of 5775-5750. The resistance for Nifty stands at 5870-5805.

The market breadth, which indicates the strength of market, is positive as of now. On the NSE, 710 shares have advanced and 532 shares have declined.

Top 5 NSE Gainers: Sun Pharma is among the highest gainers on the NSE, up by 1.41%, followed by Infosys, Bajaj Auto, DLF and Mahindra & Mahindra.

Top 5 NSE Losers: ONGC is among the top losers on the NSE, trading lower by 1.68%, followed by Maruti Suzuki India, Reliance Industries, UltraTech Cement and Jindal Steel and Power.

7 of the sectoral indices are trading higher at the moment. IT, TECk and Healthcare are the best performing sectors at this hour of trade, up in range of 0.60%-1.00%. Oil & Gas and PSUs are among the worst performers at this point of trade, down in range of 0.65%-0.25%.

Mixed cues are coming in from the Asian market. The Hang Seng, Shanghai Composite and KOSPI are trading in the positive zone, whereas Straits Times and Taiwan Weighted are in the negatives.

We expect the Nifty to be range-bound in the 5825-5870 band over the rest of the day. A breakout on either side will determine the trend ahead for the index.