Nifty Holding On To Support Levels

After a strong start, trades were dull in the afternoon trading session. The Nifty is trading flat with a positive bias, up by 2 points at 5973. Sensex has gained 18 points to touch 19683.91. Both indices are trading up in the range of 0.03%-0.08%.

The advance-decline ratio has turned negative. On the NSE, 809 shares are trading in the red and 590 shares are in the green.

Top 5 NSE Gainers: ONGC is the top performer so far, trading with gains of 2.86%. It is followed by Tata Motors, Reliance Infrastructure, HCL Technologies and Coal India.

Top 5 NSE Losers: Grasim Industries is among the highest losers, down 1.63%. Others included BHEL, Ambuja Cements, Lupin and Bharti Airtel.

7 of the 13 sectoral indices are higher as of now. Auto, Oil & Gas and PSU are up by 0.63%-0.75%. CG and Power are under selling pressure, trading lower between 0.27%-0.38%.

Of the Asian markets, Taiwan Weighted is trading up by 0.93%, followed by KOSPI, Hang Seng, Nikkei and Shanghai Composite. Straits Time is flat with a negative bias.

Buzzers: APW President Systems is locked in a lower circuit of 20% at Rs 149. The stock has drifted down after the parent company Schneider Electric South East Asia has received bids for less than 50% of its delisting offer size. The floor price has been set at 164.30 per share. The delisting carried out through the reverse book building process began on Jan 3, 2013.

Bombay Burmah Trading Corporation (BBTC) has surged more than 8% in today’s trades, currently trading at Rs 142. The stock is seeing volumes of more than 3 lakh at this point of trade, whereas the trading volumes for the last session stand at 190013 on the NSE.

As we predicted, the Nifty has strong support around the 5970 levels, and is holding on to that level.