Nifty spot has support at 5630-5610: ICICIdirect.com

ICICIdirect.com has come out with its report on Indian market. According to the research firm, the Nifty spot has supports at 5630-5610 and resistances at 5690-5730.

The markets continued their declining trend on Friday to eventually close in the negative territory amid a highly volatile trading session for the sixth consecutive day in a row. The market sentiment was negative on the back of prevailing domestic political uncertainty and diminishing hopes of further rate cut by the RBI. The markets witnessed further selling pressure on the back of weak opening of the European markets, which were down following the impasse over Cyprus bailout proposal. Selling pressure was witnessed in consumer durables; real estate & IT sector stocks while modest buying interest was seen in capital goods & metal sector stocks.

The Sensex closed at 18735.6, down by 57.3 points while the Nifty ended at 5651.4, down by 7.4 points. The Sensex has supports at 18680 and 18620 and resistances at 18910 and 19050. The Nifty spot has supports at 5630 and 5610 and resistances at 5690 and 5730. US markets gained strength in Friday’s trading session to eventually close in the positive territory amid subdued buying interest. The market sentiment was positive on the back of hopes of solution to impasse over Cyprus bailout proposal.

The Cyprus lawmakers were seen busy working on an alternate plan to seek a bailout from the eurozone before their deadline to reach an agreement ends on March 25, 2013. The traders await the crucial durables good order, GDP & jobless claims data due for release this week for directional cues. The Dow was up by 90.5 points to 14512 while the Nasdaq was up by 22.4 points to 3245. The S&P 500 also ended up by 11.1 points at 1556.9.

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