Feb 27, 2013, 10.09 AM IST | Source: Moneycontrol.com

Nifty to trade in 5800-5700 range: Magnum

Magnum Research has come out with its report on Indian markets. According to the research firm, Nifty is expected to trade between 5800-5700 range with downward biasness.

Magnum Research has come out with its report on Indian markets. According to the research firm, Nifty is expected to trade between 5800-5700 range with downward biasness.

Indian markets fell more than 1.5 percent to its lowest close in three months on Tuesday as blue chips such as ICICI Bank were hit by caution ahead of the 2013/14 budget, although mobile operators rallied on expectations of a cut in airwave auction prices. BSE Sensex fell 1.64 percent, or 316.55 points, to end at 19,015.14, marking its lowest close since November 27. The broader Nifty fell 1.6 percent, or 93.40 points, to end at 5,761.35, posting a three-month closing low as well as the biggest daily fall since July, 2012.

The fall also tracked a sell-off in global equities after Italy's inconclusive election results revived euro zone concerns, sending the MSCI Asia-Pacific index outside Japan down 1.2 percent. Shares in India's wagon manufacturers such as Titagarh Wagons Ltd dropped after the government unveiled the railway budget for the year starting in April that was seen lacking big announcements or projects.

Now the market is gearing up for the union budget on Thursday, the same day as the expiry of derivatives, which could magnify any volatility in the market. Euro zone shares sank to three month lows on Tuesday after an Italian election stalemate renewed concerns about the future of the euro zone and sent investors in search of insurance against a deeper sell-off. US Stocks ended near their best levels Tuesday, recovering from their worst one-day drop in 2013, following Fed Chairman Ben Bernanke's speech and buoyed by a batch of upbeat economic reports. Global cues are mixed today, with them SGX Nifty is showing 7 points up move in morning trade indicating that Nifty is expected to trade between 5800 and 5700 with downward biasness.

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