The Indian benchmarks ended the day on a negative note on July 29, 2013. Markets continued to trade under pressure ahead of RBI policy tomorrow. Besides Banks, pressure continued to come from FMCG. HUVR & ITC remained under profit booking pressure. Volumes were subdued with most waiting for tomorrow’s RBI policy. Nifty futures found technical support @200DMA which was around 5868 mark where some short came to cover. However Nifty spot was already below 200DMA. Nifty futures spread has been rising since last 2 days which is bothering; Friday opened @+32pts which scaled to a high of +50pts today. BSE Midcap breaks to new 52-wk lows with supply in side markets continuing. Breadth remained suppressed; Advance-Decline opened @0.75x & dropped to 0.4x. Reliance moved below first support of 20DMA. ITC is now @20DMA which is 1st support but finally may be broken. BSE FMCG index already has broken 20DMA. Massive sell-off in Metals continued for the fourth day. Maruti dropped to 200 week average which will be most important support for the stock. ONGC again broke below 200DMA, failing to sustain higher. IT & AUTO remained outperformers.
Further, the market breadth closed negative as six stocks were seen advancing against ten declining stocks.
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