The Indian equity market ended the day with losses on Friday after the rupee hit over five week low against the US Dollar. Rupee depreciated almost 20 paise in the post noon session and ended at 61.5350 versus US$.The US dollar faded marginally after a mixed bag of US economic data. Also, IT & banking dragged the market after flat start. Nifty closed at 6261.55, down by 57.25 points and Sensex slipped 201.56 points to end at 21063.62.
All the NSE Sectoral indices closed into red and the leader was CNX Realty by 2.58% followed by CNXIT by 2.4%.
In Nifty50 stocks, BPCL gained the most by 2.92% whereas TCS plunged by 5.5% on announcing Q3 results.
Unitech was the turnover topper by the traded quantity and Infy by the traded value.
Advance/Decline ratio was at 3:1 as 1071 stocks declined and 355 stocks gained today on NSE.
Nifty Outlook :
As described in the last blog, Nifty did not break 6140 level and stayed into Northward journey. Also test the upper resistance of 6335 but again failed to close above it. Nifty should give next weekly close above 6255 to maintain the uptrend.
Important Support : 6181 / 6220
Important Resistance : 6290 / 6335
Infy beat the market expectations as it reported Q3 profits to 2875 cr and Sales 13026 cr vs 12965 QoQ but could not helped the market to retain it's gain as market closed with a minor gains. Nifty gained 3.1 points to close at 6171.45 whereas Sensex was up by 45.12 points and closed at 20758.49.
Among CNX Sectoral Indices, CNX IT gained the most 2.16% and CNX PSU Bank was the top loser by 1.74%. In Nifty50 stocks, Infy gained the most by 3.05% and closed at 3556 after close to a new high of 3580.5. Indusind bank was the top loser by 3.17% ; closed at 403.6as it's NPA% rose in the last quarter.
Manappuram was the turnover topper by the traded quantity and Infy by the traded value.
Advance/Decline ratio was negative as 699 stocks declined and 225 stocks gained today on NSE.
Nifty Outlook :
6120-6140 can be considered as a strong support for further pull back rally eases upto 6230 level. Any political movement or an quiver Q3 results may set the direction for shorter term.
Important Support : 6120
Important Resistance : 6230
