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Market Commentary
Nifty continues to trade near an inflection point - GEPL Capital
Posted On : 2012-11-22 20:38:47( TIMEZONE : IST )
The Indian markets began the day on a positive note in line with global markets, but gave up all gains during the course of the day owing to concerns over the outcome of winter session of the Parliament which begins on Thursday. Buying was seen only in Auto stocks and that was the only index that ended in the green. Realty Index was pounded with a 3.24% cut.
Chinese stocks were down due to disappointing FDI data which suggested that FDI into China fell 0.2% in October, 2012 to $8.31 bn versus consensus estimates of a 1% growth. Consequently, the SHANGHAI COMPOSITE ended the day with a 0.40% loss. The HANG SENG too slipped 0.16% owing to persisting European concerns, especially France's downgrade by Moody's and profit booking. The index has risen more than 15% in CY2012 till date. The NIKKEI too paused today after a hectic rally over the past 4 days, ending the day with a 0.12% cut. After a healthy rally, yesterday, the European stocks opened weak as Moody's downgraded France to Aa1 from Aaa. The move was largely expected, hence there was no panic reaction but only minor cuts - FTSE down 0.24%, CAC down 0.42% and DAX down 0.01%.
Technical Wrap
Nifty opened positive and remained highly range bound throughout the session. It dipped in and out of the negative territory and finally concluded the session flat at 5571. Amongst the sectoral indices the BSE Auto.
Nifty ended flat after a range bound day of trade at 5571. It has given a breach of an Advancing Channel that has been in place right from June 2012 till date. It is vital that the decline of past few sessions gets arrested near the support of 5550 and we see an immediate recovery if the bullish trend has to continue. Thus the activity of next few sessions assumes high significance. If Nifty manages to stage an immediate recovery and sustains above 5550 then it would prove as a silver lining for the bulls else if it fails to cross the level of 5640 and breaches 5550 on the downside then we may see a deeper decline till 5465 to 5445 range.
