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"Strong support for Index is expected around 5940 & 5920, whereas stiff resistance is expected at 6020. Close above/below would add trigger in the direction, until than index is expected to trade in a range," said Ravi Nathani, Technical analyst, Nsetoday.com.
Markets are likely to remain cautious ahead of economic growth estimates (GDP) for the current fiscal year (FY13) which will be released later today by Central Statistical Office.
Asian shares and the euro paused on Thursday, marking time ahead of a European Central Bank policy decision and remarks from ECB President Mario Draghi on prospects for the euro zone economy.
Investors also took a break from selling the yen, which weighed on Japanese equities after the market jumped to a four-year peak in the previous session. South Korean shares opened up 0.2 percent, but sentiment was dampened by the trend to a weaker yen, which has the buoyed competitiveness of Japanese exporters.Japan's benchmark Nikkei stock average opened down 0.5 percent.
Meanwhile, the rupee strengthened by 4 paise to Rs 53.12 a dollar in early trade on the Interbank Foreign Exchange on fresh selling of the American currency by exporters and banks.
According to Nirmal Bang, the USD/INR can give a rise upto 53.25 but can be sold on rise for the day. It has a good intraday support at 52.85 and resistance is at 53.45. Expected intraday range is 52.85 – 53.25.
Buying in IT shares have helped the markets to rebounce. The IT index has added 0.7% at 6,427. Realty, auto and oil & gas indices are up 0.5% each.
On the other hand, consumer durables index has slipped 1% at 7,485. Capital goods, metal and power idnices were flat.
NTPC continued to languish - down 1.7% at Rs 149 ahead of its share sale today.
Pharma major Cipla fell 1.6% at Rs 398. The company after trading hours on Wednesday said its profit after tax jumped 25.5% to Rs 338.78 crore on 18% growth in income from operations to Rs 2103.42 crore in Q3 December 2012 over Q3 December 2011.
Morgan Stanley and CLSA downgraded their ratings on Cipla Ltd, a day after the Indian drugmaker reported a slower-than-expected rise in its October-December net profit.
On the other hand, HDFC gained 1.5% at Rs 820 after the mortgage lender cut its prime lending rate by 10 basis points starting on Wednesday, which could boost loan growth despite the hit to margins.
BHEL was up 0.5% at Rs 209 after being granted Maharatna status by the government. Maharatna status will help BHEL realise its long-term objectives and reach a turnover of Rs 1 lakh crore by 2016-17.
Among other gainers were ICICI Bank, Infosys, Tata Motors and Reliance.
