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Market Snapshot
• The benchmark indices replicated the previous day’s performance as
yet again a positive start aided by favourable global cues failed to
cheer the mood on the Street. After witnessing lacklustre trade albeit
with a negative bias in the first half the index came under heavy
selling pressure in the later half and closed deep in the red. The Nifty
closed down by 48 points at 5785.45 while the Sensex shut shop at
19292, down by 156 points. The BSE Midcap and Small Cap indices
remained under pressure as well and closed down by 0.97% and
0.48%, respectively. The overall market breadth remained negative
throughout the entire session
• All major sectoral indices closed in the red with realty (down 3%)
being the worst performer in yesterday’s trade followed by metals, IT
and capital goods losing more than 1% each
Market Outlook
• The index remained under pressure throughout the settlement day
of the April series expiry and ended on a negative note for the third
consecutive session
• The action formed a sizable bear candle closing below the trading
range of the last couple of sessions and highlights the grip of bears
in the present scenario
• As we get over the expiry day jitters, the forthcoming few sessions
would be crucial as the action could well decide the trend direction
in the short-term
• We have already discussed in our last few updates that the index had
failed to take out the overhead trend line resistance formed by
joining the November 2010 and January 2011 highs despite repeated
attempts in the last three weeks
• Sustaining below the trend line would see the index lurking in the
narrow trading range of 5700-5930. A directional move would only
be confirmed once the index breaks past either side of this trading
band
• The index has closed just at the 21 day EMA support. If it sustains
below yesterday’s low it could invite further selling pressure and a
retest of the recent low of 5693 may not be ruled out in the coming
sessions. A breach of the recent low could further dampen the
sentiment
• The momentum oscillators viz. the RSI as well as the MACD are
exhibiting weakness in line with the subdued performance on the
price front
• The Nifty has supports at 5760, 5705 while resistances are placed at
5825 and 5860
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Market Snapshot
• The benchmark indices replicated the previous day’s performance as
yet again a positive start aided by favourable global cues failed to
cheer the mood on the Street. After witnessing lacklustre trade albeit
with a negative bias in the first half the index came under heavy
selling pressure in the later half and closed deep in the red. The Nifty
closed down by 48 points at 5785.45 while the Sensex shut shop at
19292, down by 156 points. The BSE Midcap and Small Cap indices
remained under pressure as well and closed down by 0.97% and
0.48%, respectively. The overall market breadth remained negative
throughout the entire session
• All major sectoral indices closed in the red with realty (down 3%)
being the worst performer in yesterday’s trade followed by metals, IT
and capital goods losing more than 1% each
Market Outlook
• The index remained under pressure throughout the settlement day
of the April series expiry and ended on a negative note for the third
consecutive session
• The action formed a sizable bear candle closing below the trading
range of the last couple of sessions and highlights the grip of bears
in the present scenario
• As we get over the expiry day jitters, the forthcoming few sessions
would be crucial as the action could well decide the trend direction
in the short-term
• We have already discussed in our last few updates that the index had
failed to take out the overhead trend line resistance formed by
joining the November 2010 and January 2011 highs despite repeated
attempts in the last three weeks
• Sustaining below the trend line would see the index lurking in the
narrow trading range of 5700-5930. A directional move would only
be confirmed once the index breaks past either side of this trading
band
• The index has closed just at the 21 day EMA support. If it sustains
below yesterday’s low it could invite further selling pressure and a
retest of the recent low of 5693 may not be ruled out in the coming
sessions. A breach of the recent low could further dampen the
sentiment
• The momentum oscillators viz. the RSI as well as the MACD are
exhibiting weakness in line with the subdued performance on the
price front
• The Nifty has supports at 5760, 5705 while resistances are placed at
5825 and 5860
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