Nifty resistance at 3500, banks, realty may move up: Networth
17 Apr 2009, 0951 hrs IST, ET Bureau
MUMBAI: Networth Stock Broking is of the opinion that Nifty is likely to face resistance at 3500. It sees some upside movement in banking and real estate stocks.
?Nifty has a strong resistance at 3500 while short-term support exists at 2950. Banks and Real Estate to see upward movement in today's market,? the report said.
?Markets are expected to open up flat on the back of global cues; SGX Nifty is trading 34.5 points up at 3405. The entire OI in the markets increased to Rs 83,890 crore from Rs. 85,590 crore. Out this Option saw an OI increase to Rs. 46,109 crore from Rs. 45,409 crore while Single Stock+Nifty Futures saw an increase in OI to Rs. 37,785 crore from Rs. 40,179 crore. In Monday's market's, FIIs bought stocks in cash market worth Rs. 479.09 crore while DIIs sold equities worth Rs. 1124.24 crore. In derivatives, we saw FIIs sold worth Rs 738.66 crore. The over all PCR ratios moved up to 1.58 from 1.77,? the report said.