MUMBAI: Benchmarks pared early morning gains and slipped in the negative territory due to lack of buying support at higher levels. Trade is likely to turn choppy as the session progresses due to mixed cues from Asian peers.
"It seems that, quarter/year ending NAV pop-up rally driven by fund houses, entered into euphoric stage. This euphoria, especially in mid & small caps is expected to continue for one more day.
At such a higher level, without any noticeable correction, it is better to follow the market rather than predict. Psychological level of 6000, may act as a first point for good amount of liquidation.
Supports & resistances for today's trading session are 5872-5826 and 6051 and 5918 respectively," said Arihant Capital Market report.
At 9:50 am; National Stock Exchange's Nifty was at 5894.10, down 14.35 points or 0.24 per cent. The broader index touched a high of 5928.65 and low of 5887.55 in early trade.
Bombay Stock Exchange's Sensex was at 19652.78, down 48.95 points.
Ambuja Cement (2.49%), Reliance Communications (1.93%), BHEL (1.44%), HCL Tech (0.89%) and Cipla (0.85%) were the top Nifty gainers.
Jindal Steel (-1.40%), DLF (-1.30%), Bajaj Auto (-1.20%), IDFC (-0.98%) and Power Grid (-0.94%) led the losers pack.
Market breadth was positive on the NSE with 1099 advances against 854 declines.
Meanwhile in the Asian markets , Nikkei 225 was down 1.07 per cent, Seoul Composite was up 0.09 per cent and Strait Times moved 0.56 per cent higher.
"It seems that, quarter/year ending NAV pop-up rally driven by fund houses, entered into euphoric stage. This euphoria, especially in mid & small caps is expected to continue for one more day.
At such a higher level, without any noticeable correction, it is better to follow the market rather than predict. Psychological level of 6000, may act as a first point for good amount of liquidation.
Supports & resistances for today's trading session are 5872-5826 and 6051 and 5918 respectively," said Arihant Capital Market report.
At 9:50 am; National Stock Exchange's Nifty was at 5894.10, down 14.35 points or 0.24 per cent. The broader index touched a high of 5928.65 and low of 5887.55 in early trade.
Bombay Stock Exchange's Sensex was at 19652.78, down 48.95 points.
Ambuja Cement (2.49%), Reliance Communications (1.93%), BHEL (1.44%), HCL Tech (0.89%) and Cipla (0.85%) were the top Nifty gainers.
Jindal Steel (-1.40%), DLF (-1.30%), Bajaj Auto (-1.20%), IDFC (-0.98%) and Power Grid (-0.94%) led the losers pack.
Market breadth was positive on the NSE with 1099 advances against 854 declines.
Meanwhile in the Asian markets , Nikkei 225 was down 1.07 per cent, Seoul Composite was up 0.09 per cent and Strait Times moved 0.56 per cent higher.
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