Moneycontrol
Feb 21, 2014 09:53 AM IST | Source: Moneycontrol.com

Nifty may trade range-bound between 6020-6130: Magnum

According to Magnum Equity Broking, Nifty is likely to trade range-bound between 6130 and 6020.


Magnum Equity Broking's Fundamental Report:


Indian market fell on Thursday to snap four consecutive sessions of gains as blue-chips including ICICI Bank were hit by profit-taking after regional markets were hit by a survey painting a grim picture of China's manufacturing sector. The benchmark BSE Sensex closed 0.9 percent lower at 20,536.64 points, while the broader Nifty closed 1 percent lower at 6,091.45 points.


European stocks closed lower on Thursday, with sentiment remaining fragile after poor data from China and France, although the market trimmed some losses in afternoon trading after encouraging US manufacturing data.


US Stocks drifted higher to close at session highs Thursday, with the S&P nearing its all-time high, as investors seemed to shrug off a mixed bag of economic and earnings reports. Wall Street's upbeat performance overnight gave most Asian bourses a much-needed boost on Friday, after steep declines in the previous session.


Global cues are slightly positive today but SGX Nifty is showing 1 point cut in morning trade indicating that Indian market may open flat today and Nifty is likely to trade range-bound between 6130 and 6020.

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