Bulls Swing Into Action

The Indian markets have opened on a positive note today. The Nifty open with a positive bias of 40 points at 5690 and Sensex was up 125 points at 18,850. Both indices opened higher in the range of 0.68%-0.64%.

The advance-decline ratio is in on the positive side in the morning session. On the NSE, 890 shares are trading in gains and 423 shares are down.

Top 5 NSE Gainers: DLF is the top NSE gainer so far, up by 3.5%, followed by ONGC, HDFC, NTPC and JP Associates.

Top 5 NSE Losers: Bajaj Auto is the top loser this morning, trading down by 1.1 %. Ranbaxy Labs, Hero MotoCorp, Bharti Airtel and Coal India are among the others in losses.

All sectors are trading in the green zone. Auto is up by 21 points, Oil & Gas has gained 114 points, Bank by 138 points and Consumer Durables is higher 90 points.

On the global front, the Asian shares are trading with a positive sentiment. The Nikkei market is positive by 233 points, Hang Seng is up 146 points and Taiwan Weighted is in gains of 72 points. Shanghai is the only index trading down.

Buzzers: DLF is trading 3.6% up at Rs 239. The stock is losing strength for the past few days but is trading above the Rs 240 level. It has good support at Rs 230, and we may see further up-moves from the current level.

ONGC has seen good momentum in the last few trading days. The stock opened on a positive note, higher by 3.1%, and trading at Rs 305. The stock has good support at the Rs 290 level, and we can see can see more of an upward move if it sustains at this level.

The 5690-5670 levels will be a lakshman rekha for the Nifty. A major hurdle will be 5720. If the Nifty breaks and trades above this level, we may see a further up-move.