A daily wrap up on the market, which will keep you updated on what happened in the day and what to expect & news to watch out for the next trading session
Trend to remain weak till the time 5850 is not conquered
It was a day to cheer for Indian investors after a long time as NIFTY and SENSEX gained 1.50% and 1.40% respectively. There was optimism on the street with expectations of a rate cut during the upcoming RBI policy meet. Also it looks like the correction post budget was overdone, though there are grave problems that Indian economy still continues to face. The FM is all set to visit Japan, Canada and US to sell the India growth story abroad. At the end of today's trading session BSE REALTY (+3.13%) pulled back after yesterday's losses. BSE MIDCAP and BSE SMALLCAP too staged a comeback with gains of 1.66% and 1.11% respectively.
SHANGHAI COMPOSITE gained 2.33% after yesterday's 2.5%+ plunge as government pledged to increase fiscal spending to support economic growth. HANG SENG and NIKKEI logged small gains of 0.10% and 0.27% respectively. There was speculation that BoJ will maintain easing to stimulate growth. European markets followed cues from American markets that closed in the green last night on expectations of monetary easing. There is the crucial ECB policy meeting on Thursday wherein expectations are for a 25 bps rate cut.
Technical Wrap
Nifty managed to post impressive gains and ended the day with a gain of 85 points at 5784. In the immediate term there is a possibility of a further bounce back till 5800 to 5820 range, however till the time it does not sustain above the level of 5850 there is a high possibility that it may yet again decline in the next few sessions and come down till 5650 and below that 5600 is a possibility.
We maintain a bearish view on a positional basis till the time the stop loss o f 5850 is not triggered on a closing basis
