Expert's view: After the steep decline on Monday, Nifty opened gap up today. The index, however, couldn’t build upon the early gains. After a tough battle between the bulls & the bears throughout the day, the index closed in the red for the third consecutive day.
The Nifty has now reached a gap of 11,783-11,749, which was formed on the daily chart at the beginning of February. In terms of the Fibonacci retracement, the index is approaching 78.6 percent retracement of the post-budget rise, which is at 11,750.
Thus 11,783-11,749 is an immediate support zone to watch out for. Once the support zone is cracked, the index can swiftly roll down to test the low of 11,614. On the other hand, the near-term resistance zone is placed at 11,900-11,920.
--Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas
February 25, 2020 / 04:13 PM IST
Expert's view: We expect that the weak trend in the market may continue for a while as coronavirus is still rattling the sentiments across the globe. On the domestic front, weaker than expected Q3FY20 GDP (scheduled later this week) could further dampen investor confidence at least in the near-term. We suggest buy on dips approach in fundamentally sound stocks amid the prevailing uncertainty.
--Ajit Mishra, VP - Research, Religare Broking.
February 25, 2020 / 04:12 PM IST
Expert's view: If Nifty fails to hold 11,749 then it can head to test its 200-day simple moving average support placed around 11,684 whereas on the upside, mild strength can be expected if Nifty manages a close above 11,900 in the next couple of trading sessions which then can pave the way for sideways consolidation.
Stocks that hit 52-week lows: As many as 183 stocks, including Hero MotoCorp, HPCL, Punjab National Bank, NBCC, Oil India, LIC Housing Finance, Larsen & Toubro and Oriental Bank of Commerce, hit fresh 52-week lows on BSE. Besides, Jaiprakash Associates, MSTC, Mahamaya Steel, CG Power and Industrial Solutions, MBL Infrastructures and Jaiprakash Power Ventures were among the 232 stocks that hit their lower circuits.
February 25, 2020 / 03:55 PM IST
Expert's view: Markets steadied after a steep selloff yesterday as investors assessed the economic impact of coronavirus which has spread to other nations. Trump-Modi meet failed to provide any sentiment boost for the domestic market as there were no key deals. Virus concerns could remain in the limelight as any further supply disruption could hurt global economic growth in 2020.
--Vinod Nair, Head of Research at Geojit Financial Services
February 25, 2020 / 03:41 PM IST
Market at close: Sensex ended 82.03 points lower or 0.2 percent at 40281.20, and the Nifty shed 31.50 points or 0.27 percent at 11797.90. The pharma sector fell the most, down over 2 percent. TCS, JSW Steel and Tata Steel were the top gainers while Vodafone Idea, Yes Bank and Suzlon Energy were the most traded stocks on NSE.
Buzzing Stock: Shares of Linde India fell 7 percent after company reported a sharp fall in revenue, though operating income and margin remained strong. The company reported profit after tax at Rs 634.5 crore in quarter ended December 2019, against Rs 15.42 crore in same period last year. The significant growth in bottomline was largely due to sale of south region investment business.
February 25, 2020 / 03:16 PM IST
Buzzing Stock: Shares of IRB Infrastructure Developers gained 9 percent after IRB Infrastructure Trust received first tranche of investment from GIC affiliates. "IRB announced receipt of the first tranche of the investment of Rs 3,753 crore from GIC affiliates out of its commitment of Rs 4,400 crore by IRB Infrastructure Trust," the road developer said in its BSE filing.