GOOD MORNING!!!
ANOTHER DISAPPOINTING SESSION OF TRADE AS INDICES COMMENCED THE DAY ON A FLAT NOTE AS PESSIMISTIC GLOBAL CUES UNDERMINED INVESTOR SENTIMENTS. INDICES EXTENDED LOSSES IN EARLY TRADE AND DRIFTED FOR A SOUTHWARD JOURNEY. THE INDICES GYRATED IN A NARROW RANGE THROUGH THE FIRST HALF; HOWEVER, HUGE BOUTS OF PROFIT TAKING IN THE LATE SECOND HALF SESSION LED THE BOURSES SNAP THE SESSION WITH LARGE CUTS OF AROUND A PERCENT THOUGH THE VOLUMES REMAINED WEAK. THE MARKET BREADTH WAS EXTREMELY WEAK; BANKING COUNTER REMAINED THE TOP SECTORAL LAGGARD, LOSING OVER 2% IN DAY’S TRADE ON THE BACK OF SUSTAINED SELLING AMID FEARS OF A SHARP HIKE IN INTEREST RATES DUE TO RISING INFLATION. BANKING HEAVYWEIGHTS LIKE ICICI BANK AND HDFC PLUMMETED 3.08% AND 2.75% RESPECTIVELY AS INVESTORS STARTED OFFLOADED POSITIONS IN RATE SENSITIVE’S AHEAD OF RBI POLICY MEETING. WHILE AUTO STOCKS TOO SAW HUGE BOUTS OF PROFIT BOOKING AS APPREHENSIONS THAT THE HIKE IN INTEREST RATES AND HIGHER VEHICLE PRICES MAY DENT DEMAND FOR VEHICLES LOOMED. AUTO STOCKS INCLUDING BAJAJ AUTO AND HERO HONDA NOSEDIVED 3.69% AND 3.60% RESPECTIVELY, FERTILIZER SHARES TOO WENT HOME WITH LOSSES AS THE GROUP OF MINISTERS (GOM) MEETING TO DELIBERATE ON RAISING THE PRICE OF UREA AND DECONTROL THE SECTOR WAS GOING ON. WE HAVE WITNESSED SOME BARGAIN HUNT IN INFORMATION TECHNOLOGY STOCKS.
TODAY MARKETS WOULD OPEN POSITIVE TRACKING POSITIVE GLOBAL CUES AND POSITIVE OPENING OF ASIAN MARKETS. TODAY IF NIFTY TRADES ABOVE 6102 THEN LIKELY TO MOVE UP TO 6143 AND BREAK ABOVE THIS LEVEL WOULD TAKE NIFTY TO 6163 LEVELS. ON THE NEGATIVE SIDE IF NIFTY TRADES BELOW 6086 THEN LIKELY TO MOVE DOWN TO 6070 AND THEN TO 6050 LEVELS ANY BREAK BELOW THIS POINT WOULD TAKE IT TO 6028 AND 5980 LEVELS.
