`Markets are expected to open with gap down opening following global market route. Fears over global growth prospects and Europe`s ongoing sovereign debt woes weigh on equity markets across the world,
The market edged lower in early trade on weak Asian shares. A bout of volatility
was witnessed in mid-morning trade as the Sensex cut losses soon after a
sudden slide. The market extended losses to hit fresh intraday low in early
afternoon trade. Bank stocks declined on concerns that higher interest rates
may crimp loan growth. Software pivotals were under pressure on concerns that
a likely economic slowdown in the
by overseas clients. A bout of volatility was witnessed as the market weakened
once again after trimming losses in afternoon trade. The market extended
losses in mid-afternoon trade. The market slumped in late trade. The Sensex
and Nifty closed with gains of 0.7% and 0.4%, respectively. However, the
mid-cap and small-cap indices ended with losses of 0.9% and 1.6%,
respectively. Among the front runners, DLF, Hero Motoco, Hindustan Unilever
and Jaiprakash Asso. gained 1–3%, while ICICI Bank, Wipro, SBI, Sterlite Inds
and TCS lost 4–5%. Among mid caps, Kwality Dairy, Network18 Media, GTL,
Usha Martin and India Sec gained 3–8%, while S Kumar Nation, Arvind, HCL
Infosystems, Educomp Sol and Alok Inds lost 9–10%.
Markets Today
The trend deciding level for the day is 16,607/4,985 levels. If NIFTY trades
above this level during the first half-an-hour of trade then we may witness a
further rally up to 16,780 – 17,090/5,038 – 5,131 levels. However, if NIFTY
trades below 16,607/4,985 levels for the first half-an-hour of trade then it may
correct up to 16,296 – 16,123/4,891 – 4,839 levels.
The indices have closed at the lower end of the intraday range as the bulls were unable to offer support at higher levels during the session. The intraday range specified for the Nifty between the 5125 / 4960 was breached as the Nifty tested the 4932 levels, thereby exceeding our intraday levels on the downsides. The coming session is likely to witness resistance at the 5000 levels on advances. Support is likely at the 4850 levels, below which the 4725 maybe seen. The wide range is due to the high base effect of Thursdays session. The bullish pivot for the session is likely at the 4995 levels above which the Nifty must stay throughout the session. The bearish pivot is at the 4975 levels below which declines may occur. Traders must watch these levels for signs of trend determination in the coming session.
The daily candle chart of the Nifty shows a large bodied bearish "daki" candle which has bearish implications. The global heat is likely to negatively impact domestic sentiments, with the weekend factor adding grist to the already exacerbated situation. For the bulls to overcome the weakness, it is important that the Nifty stays above the 4995 levels intraday with higher volumes and open interest expansion. The Nifty sustaining below the 4975 levels may trigger a fresh bout of declines.
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