As we have predicted that nifty will touch the 5150 level, it was held today. Today nifty has closed at 5,158.30 with 30.95 points up or bullish by 0.60%.

It was an excellent performance by the market in the January series, shooting up 11%. Buying of equity shares worth more than Rs 7,500 crore from foreign institutional investors led the strongest rally in January as they have taken exposure into shares that beaten up badly in 2011, when the market crashed more than 24%. Capital goods, banks, metals and power stocks led the markets higher while technology underperformed with 2% loss.

Nifty is rising up now, it has covered more then 400 points to upside in its current. It is looking more bullish if it manages to cross the resistance level of 5240 else below the support level of 5080 it would be a down trend.

Stocks To watch
Rallis India, Idea Cellular, Asian Paints, HDFC Bank, Larsen & Terbo.