The Indian benchmarks ended the day on a negative note on November 13, 2013.Despite the low acceptance of correction, Nifty continued to see selling for eighth day in row. Shorting pressure accelerated today pushing Nifty spread down to lowest in this expiry of 27points. However Nifty & Bank Nifty futures reached intermediate support of 50DMA where some shorts came to cover. Reports that RBI has called for a conference post market hours brought a small round of covering in Banks & strength in INR on expectation of some positive announcement. Importantly BSE Midcap slid below 200DMA which is also 20DMA & an important level to watch. Sustenance below this can create further panic in side markets. Banks continued to underperform for sixth day although quantum of underperformance was slowing. FMCG outperformed again marginally. Hind Unilever was close to 200DMA where some buying interest was visible. The outperformance in pharma continued for sixth day in row. BSE IT reached 20DMA. Sun Pharma spiked above 20DMA post strong numbers but again reversed lower. The 50-share NSE Nifty closed below the 6000-mark for the first time since October 8 at 5,989.60, down 28.45 points from previous close. The Sensex declined 87.51 points to 20,194.40.
Further, the market breadth closed negative as three stocks were seen advancing against four declining stocks.
Further, the market breadth closed negative as three stocks were seen advancing against four declining stocks.
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