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Equity Research
Markets ended lower as huge sell‐off was seen in IT, oil & gas and auto stocks at the last half an hour of trade. However, metal stocks
bucked the trend on the back of rally in base metals. Today’s session was quite volatile ahead of the results session. The Sensex slipped
152 points to close at 16,806 after seeing a range of 16,764‐17,120. The Nifty closed 41 points lower at 4,985. It touched an intraday high
of 5,077 and low of 4,972. The market breadth was mixed and the total traded turnover was at Rs 1,08,648 cr.
Markets are facing strong resistance above the 5,030 levels and are not able to sustain at higher levels which is a worry sign. This is the
second attempt by the bears to drift the market lower and close below the 5K mark. The undertone is slightly bullish selectively as buying
is witnessed at lower levels. The short‐term trend could slightly get weaker only if Nifty decisively trades below the 4,900 level with good
volumes.
http://www.nirmalbang.com/Upload/Morning_Call_081009.pdf
bucked the trend on the back of rally in base metals. Today’s session was quite volatile ahead of the results session. The Sensex slipped
152 points to close at 16,806 after seeing a range of 16,764‐17,120. The Nifty closed 41 points lower at 4,985. It touched an intraday high
of 5,077 and low of 4,972. The market breadth was mixed and the total traded turnover was at Rs 1,08,648 cr.
Markets are facing strong resistance above the 5,030 levels and are not able to sustain at higher levels which is a worry sign. This is the
second attempt by the bears to drift the market lower and close below the 5K mark. The undertone is slightly bullish selectively as buying
is witnessed at lower levels. The short‐term trend could slightly get weaker only if Nifty decisively trades below the 4,900 level with good
volumes.
http://www.nirmalbang.com/Upload/Morning_Call_081009.pdf