The Nifty closed at 5,253 down 59 points after making an intra-day high of 5,339 and the Sensex was at 17,592 down 183 points after making an intra-day high of 17,873. The Mid cap and Small cap indices both were down by 3.64% and 4.30% respectively. All the major sectoral indices ended in red, Reality and Metal counters being the worst hit. The breadth of the market was negative and the total turnover recorded at Rs1,65,645Cr. Nifty Feb fut ended with 29 points premium.
Technical analysts are expecting a rebound in the next couple of sessions, since the fall has been rather steep. However, near term outlook remains bleak.
FOR TODAY: EU and US markets closed in RED. Asian markets are trading this morning in RED. SGX Nifty is trading at 5231.50, down 50.50 suggests that Nifty may open around 5230-5245 level. Support is now at 5200 and the free fall may make a halt around 5204-5210 level. If not, the next major support for the market (not intraday) is 5174 and 5077. On the upside, it may get a resistance around 5311 level for today. Above 5311, nifty future may hit 5345 level also. INVESTORS MAY START BUYING ONLY BLUE CHIP STOCKS WITH A SMALL LOT BASIS.
