Nifty Sinks Below 5555

The Indian markets are trading flat with a negative bias after a small gap-down in the opening bell. Trades are in a tight range as global cues are trading in negative. The Nifty is trading at 5555, down by 20 points and Sensex is trading down by 60 points at 18,450. Both the indices are trading lower in the range of 0.32%-0.33%.

The advance-decline ratio is on the positive side. On the NSE, 750 shares are trading in green and 620 shares are in red.

Top 5 NSE Gainers: Maruti Suzuki is leading the gainers’ list so far, up by 7.3%. Bajaj Auto, BPCL, HCL Tech and GAIL are also in gains.

Top 5 NSE Losers: NTPC is trading lower by 3.2%, followed by NMDC, HDFC, ITC and IDFC.

9 of the 13 sectoral indices are trading in gains in the afternoon trading session. Auto, Oil & Gas and Healthcare are witnessing a heavy short covering, trading higher in the range of .79%-1.25%. FMCG and Consumer Durables are losing some morning gains, trading lower between 0.75%-1.09%.

Most of the Asian markets are up apart from Hang Seng, which is lower by 610 points, followed by Nikkei 225 which is up by 199 points. KOSPI and Straits Times are trading on a flat note.

Buzzers: NMDC is trading lower by 3.4% at Rs 126. The stock has outperformed in the last few trading sessions but is now losing some strength from the Rs 130 level. If the stock manages to close above the Rs 125 level, we could witness a bounce back up to Rs 140.  

GAIL is trading above its key psychological level of Rs 320. The stock has dipped by around Rs 312 in today’s trades. It has seen a dip in prices along with a jump in volumes.

We had mentioned in our previous updates that 5560-5540 is the crucial support level for Nifty. If it manages to hold these levels and closes above 5560, we will see a further upmove to 5650.