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Markets slip into red

Markets have erased all its gains and slipped into the red. The Sensex is now up four points at 17,234. The Nifty is flat at 5,145. BHEL and Reliance Communications have advanced over 1% each. NTPC has slipped 1%.


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While the run-up in prices have made metal stocks expensive, medium term prospects are unattractive due to weak demand and inventory pile-up.

F&O OUTLOOK: Indecisiveness spreads to stocks futures
The Nifty traded in the positive territory for most part of the day. The index made an intra-day high of 5,167 but closed at 5,103, indicating caution at higher levels. This means the 5,182 level has acted as a strong resistance for the last four days with crucial support remaining at 5,080. It is difficult to predict when the market will move out of the current trading band as indecisiveness has now spread to stocks futures — most traded Nifty components, such as Tata Steel, Reliance Industries, Unitech, DLF, Tata Motors and Suzlon Energy, closed in a Doji pattern today.