MTECHTIPS

MTECHTIPS:-NIFTY

Nifty gave a  flat to  negative opening taking cues from the world markets, the indices witnessed a sideways volatile session intraday.The markets dipped to test lows around 5250, small recovery helped the index to close with small losses.Nifty made a lower low and the downfall continued till 5239 but closed around its 50DMA levels at 5359. Today nifty has to cross 5290 and hold 5280 levels on a closing basis so as to make a good base as it looks to move towards 5400-5450 levels in the days to come. Failing to do so would pull the Nifty till 5180 from current levels if the Nifty goes below 5220 on a closing basis. Nifty has made a falling wedge like pattern which would be confirmed only if the close comes above 5280 for a couple of trading sessions. FII investment in the country's equity market has reached Rs.63,070 crore so far this year, With GAAR likely to postponed by 3 years it can boost confidence of FIIs.