Feb 22, 2013, 09.53 AM | Source: Moneycontrol.com

Nifty may trade in 5900-5800 range: Nirmal Bang

According to report by Magnum Research, for today Nifty is expected to trade between 5900-5800 with downward biasness.

According to report by Magnum Research, for today Nifty is expected to trade between 5900-5800 with downward biasness.

Domestic shares fell in line with weak global equities that declined on market talk that a hedge fund had been liquidating large positions in commodities. Indices posted their biggest fall since July 2012 as banking stocks such as ICICI Bank fell a day after RBI data showed loan growth was still a concern and on weakness in global shares due to worries over Fed slowing its bond-buying program. This was largely a reflection of the fall in risk assets which fell after minutes of the Federal Reserve's last policy meeting cast doubts over how much longer the U.S. central bank would stick to its stimulus plan. The BSE Sensex fell 1.62 percent, or 317.39 points, to end at 19,325.36, posting its biggest daily fall since July 23, 2012. The index closed at its lowest level since December 24, 2012. The 50-share Nifty fell 1.53 percent, or 90.80 points, to end at 5,852.25. 47 Barring consumer durables, all groups of stocks closed lower on the BSE.

The BSE Consumer Durables index managed to stay in green on account of over 5 per cent gain in Videocon. High beta stocks such as metals and realty saw sharp downsides. A sharp fall on the Milan stock market hit European shares on Thursday, with uncertainty over this weekend's Italian elections pushing a key euro zone equity index to its lowest level since the start of 2013. US Stocks pared their losses in the final hour of trading Thursday to close off their lows, with the S&P 500 clawing back above the widely-watched 1,500 level. Global cues are pessimistic today with them SGX Nifty is showing 21 points cut in morning trade indicating that Indian market would open negative today and Nifty is expected to trade between 5900 and 5800 with downward biasness.

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