The equity market bled on Wednesday amid weak global
cues, with power and bank stocks coming under bear hammering. The market
caught in bear grip, continuing southward journey for third consecutive session
on global rout post sharp fall in crude oil prices yesterday. The BSE Sensex
fell 315 points to 24223 and the NSE Nifty ended below 7400-mark, down 93
points to 7361.
The market has not been able to rally. We continue
to have a sell call on Nifty as well as Bank Nifty. Particularly with Bank
Nifty, the pain has not yet gone away; the current downtrend to take NSE
Nifty to 7250 level in the short-term, indicating that the pain may not subside
anytime soon. NSE Nifty has strong support around 7200 or thereabouts
from where the market rebounded many times earlier. But with the budget in the
offing, people would be discussing that over the next couple of weeks and that
might offer some support. Plus, FIIs have been continuous sellers and it looks
like domestic investors are also joining the party. It is very difficult to put
a number on the index and say okay this is where it will go. The fact of the
matter is that the index has now more or less fully priced in current year
earnings, which do not leave you with any upside from here.
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Resistances::
7412, 7438, 7478
Support : 7322, 7288, 7266
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