The Indian benchmarks ended the day on a negative note on November 11, 2013. It was sixth day in row of gradual selling in Nifty as longs continued to unwind & exit markets. INR finally broke above important resistance of 50DMA which can be medium term trend changer. Nonetheless some bottom fishing interest continued to emerge at every slide in the stock market hence falls have been gradual then sharp ones. It was again Banks which created major damage in markets. Axis Bank remained one of worst performers loosing 14% in just four days & has now reached 50DMA. Importantly today relatively stronger names which have held over last few days of slide started correcting like L&T, Hindalco, JP Associates, NMDC, Hero Honda, Asian Paints etc. BSE FMCG reached important support of 200DMA. ITC continued to remain under pressure, taking resistance at 200DMA. Hind Unilever has broken a critical support which can open deeper downside targets. Midcaps still outperformed the major indexes in the slide hence sense of panic is not created yet. The Sensex declined 175.19 points or 0.85 percent to close at 20,490.96 while the Nifty closed way below the 6100 level at 6,078.80, down 61.95 points or 1.01 percent from previous close.
Further, the market breadth closed slightly negative as three stocks were seen advancing against four declining stocks.
Further, the market breadth closed slightly negative as three stocks were seen advancing against four declining stocks.
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