SENSEX NIFTY
Dec 20, 2012, 12.46 PM IST | Source: Moneycontrol.com

Nifty may trade in 5980-5900 range: Magnum Research

Magnum Research has come out with its report on Indian market. According to the research firm, Global cues are not positive today with them SGX Nifty is showing 6 points up move in morning trade indicating that Indian market may open flat today and Nifty is expected to trade range bound between 5980-5900.

Magnum Research has come out with its report on Indian market. According to the research firm, Global cues are not positive today with them SGX Nifty is showing 6 points up move in morning trade indicating that Indian market may open flat today and Nifty is expected to trade range bound between 5980-5900.  

Indian markets rose for a second consecutive session on Wednesday, marking their highest close in almost two weeks, led by IT stocks such as Infosys after recent losses were seen as overdone and on hopes a resolution to the "U.S. cliff" standoff would improve the outlook for the sector. Shares in non-banking financial companies such as Shriram Transport Finance also rose after a bill laying the groundwork for the issuance of new bank licenses was approved by parliament. Global shares also hit 17-month highs and the euro surged on Wednesday on hopes that U.S. politicians will reach a budget deal and that Japan would implement further monetary stimulus. On technical front Nifty has continued its positive move as it has closed 32 points higher from its previous close in daily chart indicating that it may continue its positive momentum again today.

If Nifty is able to close above 5950 then it would be its new high in more then one year and it is likely to continue its positive trend above 6000 in coming days. European shares closed higher on Wednesday after business confidence data was released in Germany showing an increase for the second month in a row. US Stocks ended near session lows Wednesday, wiping out much of the previous session's rally, as negotiations to avert the looming "fiscal cliff" turned sour after Speaker John Boehner said the House of Representatives will pass a budget proposal that President Barack Obama had already threatened to veto.

Global cues are not positive today with them SGX Nifty is showing 6 points up move in morning trade indicating that Indian market may open flat today and Nifty is expected to trade range bound between 5980 and 5900. 

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