Nifty likely to take a pause

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Nifty likely to take a pause

This article was posted on Oct 22, 2009 and is filed under Market Outlook

Markets took rest on Wednesday post Diwali run over the past couple of days. Markets saw some profit booking. Nifty managed to end at 5063 ending 50 points lower, and Sensex closing at 17009 ending 213 points lower.

The Auto space in the BSE Sectoral index lead the fall, losing 2.36%. The second top loser was the FMCG sector. Banking stocks too saw some profit booking after their rally past week, Banking Index fell 2.17%. Bank of Baroda was the major loser losing 4.5%.

Today was a quite day for Nifty. Global markets looked flat, FII’s were net sellers worth 512 cr. On the other had DII’s too were net seller of more than 300cr in the Cash Market.

Disappointing quarterly resutls by few companies like Tech Mahindra, Yes Bank further dampened the mood. Tech Mahindra posting a net loss of 44%.

Biggest index gainers included HCL Tech(up 3.4%), Jindal Steel up 2.19%, TCS up 1.89% Tata Power up 1.68%.

We are likely to consolidate in the rage of 5050-5150 for some time. The next support for Nifty is at 5030.

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