Markets opened down with a gap and momentum on the downside continued till the fag end of the day to close in red. On the sectoral front Realty, IT and Teck led the fall. The advance decline ratio was in favour of declining counters (Advances = 907/ Declines=1850).
Pattern Formation: On the Daily chart,I'm observing prices have closed below the 200-day SMA which indicates weakness going forward.
Future Outlook: The current price action on the daily chart suggests weakness going forward. In today's trading session if nifty spot trades below 5565 levels then it may test 5520 – 5480 levels. However due to oversold reason a bounce up to 5600 – 5640 cannot be ruled out from lower levls .
Since the trend remains down traders are advised to adopt cautious approach in this market.
Technical Stock To Focus for short – mid term - ( keep Stop loss for any trade)
Sell Indusind Bank at current level or on a rise up to 415 (CMP 405) SL 420 Targets 390-385-370.
Sell LIC at current level or on a rise up to 230 (CMP 221) SL 236 Targets 208-192.
Data Alert From India –
N.A.
Data Alert From Overseas -
BOJ Monthly Report
Europe Retail Sales m/m at 2:30 pm
Europe Final GDP q/q at 2:30 pm
German Factory Orders m/m at 3:30 pm
US Non-Farm Employment Change at 6:00 pm
US Trade Balance at 6:00 pm
US Unemployment Rate at 6:00 pm
Domestic Stock Specific News –
SC defers final hearing in PNGRB, Indraprastha Gas case to Apr 16
Delhi HC lifts stay on DoT's order banning 3G roam pact by Bharti
IOC tweaks subsidised fuel prices to adjust state levies; LPG hiked
S&P puts Vedanta Resources under scanner for likely credit downgrade
RCom unit activates Hawk submarine cable system in Egypt
RPower commissions first 660 MW unit of Sasan power project
Hexaware sees $30 mln revenue in 3-yr order from existing US client
Tech Mahindra opens Istanbul branch to serve Turkey, central Asia clients
Dalmia Bharat March cement sales up 29% on year, output rises 35%
SAIL signs MoU for setting up JV titanium project in Kerala
International News -
Italian March Services PMI at 45.5 vs 43.6.
Bank of England leaves bank rate unchanged at 0.5%.
ECB kept interest rate unchanged at a record low of 0.75%.
US Unemployment Claims rose by 28K to 385K vs 357K.
Future Levels for Bears
Well.......Today's Below.................5550.00 Once Again, Bears will have an UPPER-HAND, and below that LEVEL, Nifty Future, may try to hit, 5520.00 and than...5500.00 too in Today's TRADING SESSION............
More Action - More Power : But, Only and Only Below....5490.00 Mark, Below that Level, NIFTY FUTURE, may try to hit, 5470.00 and than...5443.0 too in Days to come...........
Future Levels for Bulls
Well.......Today's Above........................5593.00 NIFTY FUTURE, may try to hit, 5623.00 and than.......5643.00 too in Today's TRADING SESSION............
