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We could see the market move sideways before beginning its next leg down For the day, the market is likely to stay positive above 5028, he adds. There are resistances at 5067 and 5104 with support coming in first at 5028 and then 4991.
We are likely to open negative and then find support at 4990-4960. The market could then bounce back to the levels of 5075 and even 5140.
The pre-opening session of the market begins with the Nifty and Sensex indicating a quiet start today. The SGX Nifty is at 5030, down 49 points. Normal trading will start at 9.15 am.
The Indian market opens for trade this morning on a negative note on the back of grim global cues. Earlier, the US markets ended lower with the Dow down 191 odd points while Asia is mixed at this hour. Sensex is trading at 16749, down 26 points from its previous close, and Nifty is at 5020, down 9 points. CNX Midcap index is down 0.2% and BSE Smallcap index is up 0.1%. The market breadth is negative with advances at 208 against declines of 285 on the NSE.
After a gap-down start, the market is now trading lower amid some volatility. Sensex is at 16695, down 80 points from its previous close, and Nifty is at 5003, down 27 points. CNX Midcap index is down 0.3% and BSE Smallcap index is down 0.4%. The market breadth is negative with advances at 442 against declines of 690 on the NSE.
Initiate short positions in the market at 5100-5150 and not if the Nifty breaks below 5000.
Q2 earnings were marginally below expectations with two major disappointments - Maruti Suzuki and Tata Steel. We now estimate that FY12 net profits may grow at 14.4% for Sensex companies. We have fine-tuned our FY12 Sensex EPS estimate to Rs 1120 from Rs 1160 and the FY13 EPS estimates have also been revised lower to Rs 1300 from Rs 1320 previously
Nervousness continues in the market though it has come off the lows of the day. Sensex is trading at 16743, down 31 points from its previous close, and Nifty is at 5016, down 14 points. CNX Midcap index is down 0.1% and BSE Smallcap index is down 0.3%. The market breadth is negative with advances at 508 against declines of 706 on the NSE.
The level of 4950 is an important support level on the Nifty and as long as this holds, then we could see a pullback to higher levels.
Inflation: Primary articles inflation for week ended November 5 has come in at 10.39% versus 11.43% (WoW), food articles inflation at 10.63% versus 11.81% (WoW) while fuel group inflation is at 15.49% versus 14.5% (WoW).
At noon, the market is still in the red though trading with modest losses while the broader markets are flat. Sensex is at 16734, down 41 points from its previous close, and Nifty is at 5012, down 17 points. CNX Midcap index is up 0.1% and BSE Smallcap index is down 0.1%. The market breadth is negative with advances at 573 against declines of 667 on the NSE.
We could see the market move sideways before beginning its next leg down For the day, the market is likely to stay positive above 5028, he adds. There are resistances at 5067 and 5104 with support coming in first at 5028 and then 4991.
We are likely to open negative and then find support at 4990-4960. The market could then bounce back to the levels of 5075 and even 5140.
The pre-opening session of the market begins with the Nifty and Sensex indicating a quiet start today. The SGX Nifty is at 5030, down 49 points. Normal trading will start at 9.15 am.
The Indian market opens for trade this morning on a negative note on the back of grim global cues. Earlier, the US markets ended lower with the Dow down 191 odd points while Asia is mixed at this hour. Sensex is trading at 16749, down 26 points from its previous close, and Nifty is at 5020, down 9 points. CNX Midcap index is down 0.2% and BSE Smallcap index is up 0.1%. The market breadth is negative with advances at 208 against declines of 285 on the NSE.
After a gap-down start, the market is now trading lower amid some volatility. Sensex is at 16695, down 80 points from its previous close, and Nifty is at 5003, down 27 points. CNX Midcap index is down 0.3% and BSE Smallcap index is down 0.4%. The market breadth is negative with advances at 442 against declines of 690 on the NSE.
Initiate short positions in the market at 5100-5150 and not if the Nifty breaks below 5000.
Q2 earnings were marginally below expectations with two major disappointments - Maruti Suzuki and Tata Steel. We now estimate that FY12 net profits may grow at 14.4% for Sensex companies. We have fine-tuned our FY12 Sensex EPS estimate to Rs 1120 from Rs 1160 and the FY13 EPS estimates have also been revised lower to Rs 1300 from Rs 1320 previously
Nervousness continues in the market though it has come off the lows of the day. Sensex is trading at 16743, down 31 points from its previous close, and Nifty is at 5016, down 14 points. CNX Midcap index is down 0.1% and BSE Smallcap index is down 0.3%. The market breadth is negative with advances at 508 against declines of 706 on the NSE.
The level of 4950 is an important support level on the Nifty and as long as this holds, then we could see a pullback to higher levels.
Inflation: Primary articles inflation for week ended November 5 has come in at 10.39% versus 11.43% (WoW), food articles inflation at 10.63% versus 11.81% (WoW) while fuel group inflation is at 15.49% versus 14.5% (WoW).
At noon, the market is still in the red though trading with modest losses while the broader markets are flat. Sensex is at 16734, down 41 points from its previous close, and Nifty is at 5012, down 17 points. CNX Midcap index is up 0.1% and BSE Smallcap index is down 0.1%. The market breadth is negative with advances at 573 against declines of 667 on the NSE.
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