Market grinds lower; 5300 make or break level for Nifty
The NSE Nifty-50 index continued to grind, ending the session just above the all-important support level of 5300. A break below 5300 would now confirm the head and shoulder top reversal pattern. The projected price decline goes all the way to 4750 mark, however, that looks far from the current levels.
The NSE Nifty-50 index continued to grind, ending the session just above the all-important support level of 5300.
A break below 5300 would now confirm the head and shoulder top reversal pattern. The projected price decline goes all the way to 4750 mark, however, that looks far from the current levels. The level of 5300 has been a major trend line support for the Nifty in last 18 months highlighting the significance of this level.Capital goods, IT, realty and telecom stocks were reeling under selling pressure today. Selective buying was seen in consumer durables stocks.The Sensex shut shop at 17847.24 down 164.73 points or 0.91% and the Nifty closed at 5349.20 down 45.65 points or 0.85%. About 1112 shares advanced, 1673 shares declined, and 857 shares remain unchanged. The euro and oil slipped on Wednesday as a rally the previous day fizzled on fears about Europe's spreading debt crisis and the potential for a further reduction of positions in risky assets.Asian stocks also fell, tracking weakness on Wall Street as firmer commodity prices were offset by lingering concerns over the economic outlook for the United States as well as euro zone debt woes.Top gainers on the Sensex were Jindal Steel at Rs 634.85 up 1.13%, Tata Motors at Rs 1,133.50 up 1%, ITC at Rs 189 up 0.91, NTPC at Rs 167.65 up 0.33% and Maruti Suzuki at Rs 1,204 up 0.12%.Top losers on the Sensex were DLF at Rs 210.10 down 4.04%, Reliance Comm at Rs 80.65 down 2.48%, L&T at Rs 1,604.40 down 2.24%, TCS at Rs 1,127.55 down 2.09% and SBI at Rs 2,175.75 down 2.06%.The most active shares on NSE were SBI, ICICI Bank, Infosys, Power Finance and L&T.Midcap gainers: DB Realty, Madras Cements, Kwality Dairy, KGN Industries and Shriram City were up 4-11%.Midcap losers: Patni Computer, Sobha Developer, Tata Global Bev, DeccanChronicle and Usha Martin were down 4-5%.Smallcap gainers: Texmaco, V-Guard Ind, Gravita India, Ahluwalia and Money Matters were up 5-20%.Smallcap losers: Simplex Project, Som Distillerie, ISMT, Kama Holdings and MarathonNextgen were down 6-9%.Turnover: The total turnover for the day was Rs 170749.14 crore. Segmentwise turnover- NSE Cash Rs 10472.87 crore, BSE Cash Rs 2874.63 crore, NSE F&O Rs 157401.64 crore.Gold inched down after having rallied to its highest level in three weeks in the previous session, but bullion priced in euro struck a record on concerns about the impact of a possible debt default by Greece on other euro zone economies. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
