The Market yet again struggled to hold its gain at higher levels and the 5700 level still seems to be a significant overhang on the market.The Nifty closed with a loss of one-third of a percentage with selling pressure observed at higher levels. On the global front the rally in Asian markets with significant gains in dollar.The rupee is also expected to be under pressure in the coming days.Reliance turned out to be a significant drag in the Nifty with it giving almost 2.5%.European markets are trading flat and seem to have factored in most of the good news in short term on the Greek front whereas the US markets trading weaker at the moment on back of weaker economic data on concerns of growth in Manufacturing sector. From a technical point of view market needs to cross 5700 to show strength whereas major supports are down around 5525 levels.
By
Pavan (for SOFIA)
Class of 2012
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