Nifty at its critical support zone of 11200
The market breadth was weak as 962 shares rose and 1,532 shares fell. The Small-Cap Index and Mid-Cap Index lost 0.30 per cent.
The markets fell for the fourth day on Thursday in a row, with Sensex ending 198 points lower at 38106 while Nifty closed 46 points to 11313.
The market breadth was weak as 962 shares rose and 1,532 shares fell. The Small-Cap Index and Mid-Cap Index lost 0.30 per cent.
Metals stocks were under pressure as Nifty metals index fell 3 per cent.
According to experts, Nifty opened negative on Thursday on the back of negative cues from global markets, and remained between flat and negative throughout the day in a range of 100 points.
Technical View
“Till the market is above 11247 on Nifty and 37930 on Sensex, there would be ample of chances for the market to pull recent losses by hitting the level of 11500/11550. However, below 11247, Nifty could further fall to levels of 11180. Investors should look at buying strong companies in tranches between 11250 and 11170,” said Shrikant S. Chouhan, Senior Vice-President, Equity Technical Research, Kotak Securities.
Markets traded range bound and lost nearly half a per cent, citing weak global cues and caution ahead of the RBI meet. Besides, the latest figure of GST collection dropping 19-month low in September further added to negativity.
“Now all eyes are on the RBI’s decision wherein 25 bps cut is already factored in. Traders should prepare themselves for a volatile session and prefer hedged trades. Nifty has reached closer to its critical support zone of 11200 and its sustainability would be crucial for any recovery else the recent positivity will fizzle out,” said Ajit Mishra, Vice President, Research, Religare Broking.
Market View
“Weak global economic data and under performance in banking stocks bought uncertainties to investors. Shortfall in GST collection may impact government’s ways and means to tackle fiscal path. While bond yield declined in expectation of further interest rate cut by RBI and govt’s status quo on borrowing plan. Benign oil prices and comfort level in CPI inflation will aid RBI to keep the rate cycle towards south,” said Vinod Nair, Head Of Research at Geojit Financial Services.