Resistance for Nifty at 5920: HDFC Securities

HDFC Securities's Fundamental Report:

Indian markets ended with marginal gains after trading in a narrow range on Thursday. While the BSE Sensex closed 37.61 points or 0.19 percent higher at 19,893.85, the Nifty gained 8.4 points or 0.14 percent to close at 5,882.25. Broad market indices ended higher as the BSE mid cap and small cap indices gained 0.2 percent and 0.57 percent respectively.

Market breadth was positive as the A/D ratio was 1.04:1 on the BSE. NSE cash turnover was Rs 12,395 crore vs Rs 11,108 crore. in the previous session. The sectoral indices ended with a mixed bag.

While the top gainers were the BSE healthcare, power, capital goods and FMCG indices. The top losers were the BSE oil and gas, consumer durables, realty and IT indices. The top gainers from the BSE 30 were Bharat Heavy Electricals (BHEL), Tata Steel, Coal India and Sun Pharmaceutical Industries. The top losers were Jindal Steel & Power, GAIL, Hero Motocorp and Sesa Goa.

As per the provisional figures on Thursday, FIIs were net buyers of Rs 172 crore in the cash market, while they were net buyers of Rs 838 crore in the F&O markets. However, DIIs were net sellers of Rs 362 crore in the cash market.

Indian market could open flat to marginally in the red and remain volatile in a narrow range throughout the session. Immediate resistance for Nifty is at 5920, while strong support is at 5830. Among the sectoral indices, healthcare and metals could do well, while IT could witness some correction.

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