Nifty opened on a cautious neutral note in the absence of any significant global cues. Market traded in a narrow range during the early morning session. Nifty slipped into negative territory for a short while before inching upwards. Nifty traded past the 5300 levels on broad based buying and good momentum.

Tech Mahindra and Mahindra Satyam counters were active today and witnessed decent gains. Buying momentum continued for major part of the day as Positive openings in European markets further aided the uptrend during the afternoon session. Nifty made intraday high of 5372.35 during the fag end of the trading session. Market closed near the day’s high with over 1.5% gains. Midcap and small cap stocks outperformed the market today.

The technical support for the Nifty is at 5300 and the resistance beyond 5398-5421.

Buy Bombay Dyeing above 539.40, Target: 545-551, Stoploss: 531.

Buy Tech Mahindra above 687, Target: 695-702, Stoploss: 675.

Buy Hercules Hoists above 267.90, Target: 269.50-271.40, Stoploss: 263.