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MTECHTIPS:-Technical Snapshot
The Nifty opened the session with gains a s the index took cues from the positive Asian counterparts. The index maintained the positive sentiment, and closed the session with gains as the markets closed the day with strong gains. Indices staged a smart bounce back on Friday, a session after being pulverized by around a percent, as the government notified FDI in retail, aviation, broadcasting and power exchanges. Nifty ended near its high of July 8, 2011, which was little below the 5,700 mark-a level which acted nothing short of strong resistance. Similarly, Sensex, too puffing over 2 percent gains ended above the 18,750 psychological level, scaling new highs for 2012.Retail and aviation stocks picked up momentum in early trade after the government braved intense political opposition to notify rules for allowing foreign retailers such as Walmart and Carrefour to set up stores in India on Thursday. Stocks like Pantaloon Retail, Shoppers Stop, Kingfisher, Jet Airways and Spicejet all edged higher in the trade. Some amount of strength came in from metal space as stocks like, Sesa Goa, Sterlite Industries, Tata Steel, Hindalco, NMDC and SAIL edged higher after copper prices rebounded back to 4.5month highs.The broader markets too traded jubilantly through the session and snapped the trade with a gain of over one and half a percent. The markets rose on overall volumes of over Rs 2.65 lakh crore, which remained on the higher side as compared to that on Thursday.