16th Nov. 2012 Closing Market Updates 17:03
Indian stock markets have been under pressure tracking weak global cues and poor domestic macro data. Earlier this week, factory output data for September indicated a contraction in industrial activity. The trade deficit in October widened to $21 billion, India's worst on record according to Credit Suisse. The headline inflation eased to an eight-month low in October, but RBI governor today said that inflation rate is still high, suggesting that the bank is unlikely to loosen monetary conditions anytime soon to support faltering growth.
Sensex fell 201.99 points to end at 18269.38 whereas Nifty50 dropped 68.8 points to end at 5562.20.Nifty Nov month future closed at 5570 with a premium of just 7.8 points.
Among BSE Sectoral Indices, just two indices closed into green.Teck gained by 0.46% followed by IT up by 0.43%. Realty plunged the most by 3.36% followed by Bankex, Auto, Capital goods, FMCG & Power by 1.61%, 1.5%, 1.44%, 1.36% & 1.14% respectively.
In Nifty50 stocks, Bhartiartl was the top gainer by 3.08%, ended at 299.25. IDFC was the top loser by 3.61% which ended at 158.95.Unitech was the most traded stock by the traded quaintity and McDowell-n was by the traded value.
Advance/decline ratio was 2.19:1 as 999 stocks declined and 457 stocks gained today on NSE.
Nifty Outlook :
As we mentioned into our previous blog, published on 28th Sept.2012, we had adviced to book profits in long positions in Nifty Futures. 5630 was a very crucial level for Nifty as twice Nifty bounced back from the level to test 5800 mark. But today in the last hour Nifty broke the support of 5630 level and collapsed to 5568. Any weekly close below 5540 will break the uptrend on weekly chart and will lead to more bearishness and may test 5265.
Immediate Resistance : 5590-5640
Immediate Support : 5540-5520
Immediate Resistance : 5590-5640
Immediate Support : 5540-5520
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