Trades Start On Flat Note

The Indian markets have opened on a flat note today after 3 consecutive days of sell-off. The Nifty opened with a negative bias, down 4 points at 5549 and Sensex opened 9 points lower at 18,440. Both indices opened lower in the range of 0.08%-0.06%.

The advance-decline ratio is on the positive side in the morning session. On the NSE, 668 shares are trading in gains and 510 shares are down.

Top 5 NSE Gainers: Ambuja Cements is the top gainer, up by 1.64%, followed by Reliance Infra, Cipla, Bajaj Auto and Tata Motors.

Top 5 NSE Losers: Ranbaxy Labs is trading down by 2.4% so far. Jindal Steel, Maruti Suzuki, HCL Tech and ITC are among the others in losses.

6 out of the 13 sectors are trading in the red zone. Auto is up by 30 points, Oil & Gas has gained 20 points and Banks are up 10 points. Capital Goods are down 35 points.

Of the Asian markets, Nikkei is higher by 316 points and Hang Seng has gained 23 points. On the other hand, Taiwan Weighted has dipped 167 points and Shanghai is down 16 points.

Buzzers: Reliance Infra is trading in gains of 3.3% at Rs 341. After showing a poor performance over the last few days, the stock has gained some strength and is currently trading above the support level. Above Rs 340, there are crucial hurdles at Rs 345 and Rs 350. If it sustains above these levels, will see a further up-move.

Ambuja Cements has seen some good momentum in the last few trading days. Today, the stock opened on a positive note, higher by 2.1% and trading at Rs 168. It has good support at the Rs 160 level and we can see can see more of an up-move if it sustains at this level.

The 5550-5525 levels will be a lakshman rekha for the Nifty. A major support will be at 5525. If the Nifty breaks and trades below this level, we may see a further down-move.