”Overall technical trend remains positive as Nifty continues to make higher top higher bottom formation on the daily chart. The weekly chart is also showing good amount of strength as the MACD has inched up in the positive territory and is moving northward while RSI too continues to move up. Traders are advised to stay long with the stop loss of 5290, the low made on Thursday. On the upside, crossover of 5400 will take the benchmark to about 5470, where trend line adjoining tops of October 2009 and January 2010 presents the resistance. Industrial production data for the month of February would be the key data to watch out for today. Tech biggie Infosys is coming out with its quarterly result tomorrow. The report after Friday's close that Reliance Industries has struck a USD 1.7 bn joint venture deal with US-based Atlas Energy, a key Marcellus Shale gas producer in the US, will enthuse the stock. It would also important to see how the stock market reacts to SEBI-IRDA tussle over Ulip investments in stock market,” said Anagram Research.
National Stock Exchange’s Nifty was trading at 5356.25, down 0.1 per cent or 5.5 points lower. The index touched a high of 5382.15 and low of 5348.55 in early trade.
Bombay Stock Exchange’s Sensex was at 17,903.08, lower by 30.06 points or 0.17 per cent from its previous close. The index moved in a range of 17,995.25 and 17,874.16 in trade so far.
The broader market however fared better than the benchmarks. The BSE Midcap Index edged up 0.12 per cent and BSE Smallcap Index moved up 0.34 per cent.
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