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Nifty drops in a dull session: Outlook positive for next week

03 September 2010

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MUMBAI (makemystocks): Nifty opened at 5486.3 this morning making an intraday high at 5510.40 to close at 5476.75 at its intraday low, marginally down by 6.75 points from its previous close.

But the index settled with more than 65 points gains on weekly basis. Nifty is likely to continue its uptrend and may touch 5500-5525 levels in next week.

Almost all Asian equity indices ended green today. On the other hand, majority of European indices are also trading with positive sentiment at present.

Infosys, Bharti Airtel, ONGC, Hero Honda and SBI were major gainers in Nifty, while Reliance, ITC, Jindalstel, Hindalco and Sterlite Ind were major losers today. Among sectoral indices, Realty and Auto sectors rose by approximately one percent gains.

According to Shyamal Mehta, makemystocks analyst, Nifty is likely to resume its uptrend and may trade in a range of 5350-5550 within next few days.
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