Sensex below 18000; DLF, L&T, Tata Motors, ICICI down


Indian markets extended losing streak as concerns of global economic slow-down due to financial crisis in the US and Europe rattled global equities. All the sectoral indices were in the negative terrain. According to analysts, the market is likely to correct further in near term and are advising to avoid buying at current levels.

At 11:15 am; National Stock Exchange’s Nifty was at 5393.30, down 63.25 points or 1.16 per cent. The broader index touched a high of 5415.35 and low of 5385.85 in trade so far.

Bombay Stock Exchange’s Sensex was at 17904.27, down 205.62 points or 1.14 per cent. The 30-share index touched intraday low of 17886.57 and high of 17986.47.

“The intermediate short term trend is negative as Nifty future is just holding near to its important trend-line support of 5440 joining from the lows of 11 Feb (5175) to the low of 25 May (5328) on the closing basis. Going forward if Nifty future starts trading consistently below 5440 then 5360 – 5290 is possible very soon. So avoid buying below 5430. Positive moves could be seen only above 5510.

For the Sensex strong support exits at 18060 levels and trading below this point in the near could make the index more weak and could drift further up to next support of 17900 – 17750 levels while resistance seen at 18400. Avoid buying if Sensex breaks below 18000 levels.

BSE Midcap Index was down 1.03 per cent and BSE Smallcap Index moved 1.16 per cent lower.

Amongst sectoral indices BSE Realty Index was fell 2.48 per cent, BSE Capital Goods Index moved 2.25 per cent lower and BSE Bankex slipped 1.65 per cent.

DLF (-4.08%), Larsen & Toubro (-3.12%), Tata Motors (-2.97%), Jindal Steel (-2.94%) and ICICI Bank (-2.29%) were amongst the major Sensex losers.

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3 responses to this post.

  1. the economic news are bad and so is the sentiment, all this points to the massive rally that is building up, markets will soon turn upwards before anybody realizes it, please visit http://www.kalpeshmaniar.com for accurate market forecasting

    Reply

  2. Please visit http://www.kalpeshmaniar.com for accurate forecasting of markets

    Sensex bounced exactly from the level of 16990, I had mentioned that sensex could hit 16969, sensex bounced exactly from 16990.

    August will be volatile month and will see turbulent markets, the present correction would end in September, when markets take off in a big way.

    Reply

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