Market indecisive - IIFL

There appears to be some recovery in beaten down counters but the market remains in a narrow range. The opening is expected to be weak. US markets were shut and Asian cues are nothing worth writing about. Technically, the Nifty is forming a small spinning top like pattern, which suggests indecisiveness. A move past 5920 for the Nifty could provide some recovery.

Besides the market woes, attention will be on how a nation-wide strike is averted or handled on February 20 and 21. The strike has been called by 11 central trade unions. Bank closure for two consecutive days could pose innumerable problems for customers, reports state. The strike has been called against fuel price hike, and for violation of labour laws.

RBI will issue final guidelines on new bank licenses before the current fiscal year ends in March, Deputy Governor Anand Sinha was quoted as saying.

Source : Equity Bulls

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