The Sensex ended unchanged at 28,476 levels up 29 points and
the Nifty closed flat at 8,614 levels up 6 points. Benchmark indices continue to trade in a narrow range
Sensex and Nifty oscillating between negative and positive zone.About 1378
shares have advanced, 1394 shares declined, and 171 shares are unchanged.
The index
looks quite bullish! Even the Asian markets and the SGX July Nifty is also
trading a minor premium at 8641 as we write this Market Outlook. In today’s
session so long as the 8580-level is maintained, there is no problem for the
bulls at all. It could head even higher even if there were to be an intraday
dip that does not breach 8580 on a sustained basis. However, crossing the level
of 8636 would be quite important for the index since only when it stays above
this level then we can expect it to cross 8650 or higher. On the downside, if
it were to fall below 8580 on a sustained campaign expect 8543 – 8538 support
area getting tested. However, only if the level of 8515 is taken out on any
major profit taking the bulls would lose their advantage. Sensex surged over 130 points in early trade
today on the back of sustained foreign capital inflows after government eased
FDI rules, and a firming trend at other Asian markets. Nifty climbed
34.90 points, or 0.40 per cent, to 8,642.
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