Quotes with Resistance & Support
Market Information

Pull back likely

This article was posted on Mar 3, 2009 and is filed under Market Outlook

After three day’s of losses, bulls might get some relief as traders may consider the recent set back as overdone. Technically the Nifty index would see support at 2,524 levels. It was the third trading session where markets ended with sharp losses. The slide could be attributed to a sell-off in the last hour of the trading session. The index heavyweights like Reliance Infra, ITC, Bharti, Infosys, HDFC and ICICI Bank suffered major losses dragging the benchmark Sensex to hitting an intra-day low of 8,393 its lowest in more than three years. However, stocks like ACC, Grasim and JP Associates were the top gainers in the Sensex. The BSE Sensex slipped 179 points to close at 8,427 and the NSE Nifty was down 52 at 2,622.

Shares of GMR Infra slipped 0.3% to Rs75. The company announced that its promoters raised stake to 74.2591%. The scrip touched an intra-day high of Rs78 and a low of Rs75 and recorded volumes of over 0.3mn shares on BSE.

Orissa Sponge was locked at 5% upper circuit to Rs342.8 after almost 5.7% of equity shares of the company were traded in 5 blocks. The scrip touched an intra-day high of Rs342.8 and a low of Rs342 and recorded volumes of over 1.1mn shares on BSE.

Shares of Subhash Projects surged by over 2.5% to Rs40 after the company announced that it received an order worth Rs693.7mn. The scrip touched an intra-day high of Rs41 and a low of Rs37 and recorded volumes of over 10,000 shares on BSE.

Shares of Aurobindo Pharma rallied by over 6% to Rs156 after Pfizer announced that it tied up with the company to commercialize medicines that are no longer patent protected, and have lost market exclusivity in the United States and Europe, further progressing its Established Products Business Unit strategy. The scrip touched an intra-day high of Rs163 and a low of Rs144 and recorded volumes of over 0.2mn shares on BSE.

Shares of Ambuja Cements surged by over 4.5% to Rs66 after the company’s sales last month rose 12% to 1.65mn metric tons from 1.48mn tons a year earlier. Production rose to 1.61mn tons from 1.44mn tons, translating into a growth of 11.8%.The scrip touched an intra-day high of Rs67.5 and a low of Rs63 and recorded volumes of over 0.5mn shares on BSE.

Shares of Grasim gained by 3% to Rs1362 after the company announced that cement sales in the last month rose 10.1% to 2.92nm tons. The scrip touched an intra-day high of Rs1392 and a low of Rs1308 and recorded volumes of over 0.1mn shares on BSE.

After three day’s of losses, bulls might get some relief as traders may consider the recent set back as overdone. Technically the Nifty index would see support at 2,524 levels. Global markets also performed relatively better today with the Nikkei index in Japan down only 0.7%. European markets in Germany and France rose marginally as well. However, FIIs are unlikely to resume its shopping spree in a big way anytime soon, this may continue to weigh on the sentiments unless the RBI decides to cut rates.

source: Indiainfoline

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