The Sensex& nifty
ended rangebound session flat with a negative bias on Thursday as losses
in Yes Bank, IndusInd Bank, Infosys, Reliance Industries and Tata Consultancy
Services were offset by gains in HDFC Bank, Kotak Mahindra Bank, HDFC and Axis
Bank. Earlier in the day, Nifty opened lower and extended declines owing to
weakness in financial, IT and metal sector shares, a day after official data
showed consumer inflation rose to its highest level recorded in seven months.
The Sensex fell as much as 295 points while the Nifty dropped below 11850. The Sensex
ended 15 points lower at 39741 and the Nifty rose 8 points to close at 11914.
Chances are we would have to deal with another limited scale gyrations filled pro. Today, being the penultimate day of the june series of equity derivatives, we don’t feel we would see any major fireworks either in Sensex or in the Nifty. The important levels to watch out remain the same as it was yesterday; however, we tend to think that it is not falling below 11800 or not to be able to get past 11950 decisively.
Chances are we would have to deal with another limited scale gyrations filled pro. Today, being the penultimate day of the june series of equity derivatives, we don’t feel we would see any major fireworks either in Sensex or in the Nifty. The important levels to watch out remain the same as it was yesterday; however, we tend to think that it is not falling below 11800 or not to be able to get past 11950 decisively.
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Resistance: 11950, 12000
Support: 11800, 11700
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