The Indian benchmarks ended on a negative note on November 21, 2013. Indexes opened with a small gap down and consistently inched downward throughout the day. Selling was seen on large volumes after Nifty futures broke below 50DMA. Nifty futures have broken below 50DMA for the first time since 10th September, when it had broken higher at 5700 levels. This is largest single day slide since 3rd September. After a long time, 48 of 50 Nifty stocks closed in red. FMCG index sharply cracked below 200DMA & BSE health care index broke 50DMA after breaking higher in Aug'13. ITC broke to two month low. Bank Nifty futures however held its 50DMA where slide halted today. Selling was broad based across all sectors although FMCG, Pharma & IT outperformed in the slide. INR had held 20DMA on downside & reversed from there. Hindustan Unilever is now trading close to important support of 200DMA. Side markets still continue to outperform hence there is no sense of panic visible yet. The Sensex ended down 406.08 points or 1.97 percent at 20229. The Nifty closed at 5999.05, down 123.85 points or 2.02 percent.
Further, the market breadth closed considerably negative as three stocks were seen advancing against five declining stocks.
Further, the market breadth closed considerably negative as three stocks were seen advancing against five declining stocks.
No comments:
Post a Comment