Markets on 22nd Feb 2008
Markets end in red on the back of weak global cues
The markets opened in the negative on the back of weak global cues and remained in a range for the rest of the session. They finally closed near the lows of the day. While the Sensex was down 385.61 points or 2.17% at 17,349.07, the Nifty lost 81.05 points or 1.56% to close at 5110.75. Broadmarket indices also fell but to a smaller extent as the BSE Midcap and Smallcap indices lost 0.97% and 1.01% respectively. The market breadth was negative as A/D ratio was 1:2 on the BSE. NSE cash turnover was Rs.10201.49 cr vs. Rs. 12193.69cr yesterday.
Sectorally, barring the BSE Consumer Durables and Healthcare indices that ended flat, all the other BSE Indices ended lower. The biggest losers were the BSE IT and Bankex which lost 3.06% and 3.14% respectively. Gainers from the index pivotals were Cipla, Hindalco and Maruti Suzuki. Major losers were Bajaj Auto, HDFC Bank, Satyam Comp, ICICI Bank and Infosys.
With the Nifty closing near the 5100 support levels which also correspond to the 200 day EMA, Monday’s trading session would be crucial. A close below these important supports could lead to a sharp fall and a testing of the 5000 and 4800 supports. We continue with our go slow approach on fresh long positions.
0 comments:
Post a Comment