Nifty may trade between 5450-5360: Magnum Equity Broking
Nifty is expected to trade between 5450 and 5360 with positive biasness, says Magnum Equity Broking.
August 23, 2013 / 09:36 IST
Magnum Equity Broking Fundamental Report:
Indian markets surged more than two percent on Thursday, snapping a four-day losing streak, as metal stocks rallied on China's improved manufacturing data, while blue chips rose on value buying. The benchmark BSE Sensex ended up 2.27 percent, or 407.03 points, at 18,312.94, after hitting its lowest intraday level in nearly a year. The broader Nifty rose 2 percent, or 105.90 points, to end at 5,408.45, closing above the psychologically important 5,400 level. Shares in metal companies surged on expectations of a pick-up in China after HSBC said its preliminary purchasing managers' index rose to 50.1 in August, a four-month high and just above the 50 level that separates growth from contraction.European shares closed broadly higher on Thursday, rebounding after several days of losses, as upbeat data from Europe and China offset negative sentiment in global markets on U.S. Federal Reserve "tapering" fears. US Stocks closed higher on Thursday with the major averages holding onto their gains after the Nasdaq reopened from a more than three hour trading halt.Global cues are positive today, but SGX Nifty is showing 2 points cut in morning trade indicating that Indian market may open flat today and Nifty is expected to trade between 5450 and 5360 with positive biasness.Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. 
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