Nifty struggles to cross and sustain above 4600 levels - Karvy

End Game Summary

Domestic markets traded on an extremely volatile note today as the Nifty struggled to cross and sustain 4600 levels, amidst continuing weakness on the global front. European markets have recovered from the early losses and are trading on a marginally positive note. The Sensex closed at a 28-month low of 15,175 levels. The overall market breadth was weak.

Stock Wise

Capital goods and metal stocks were the biggest losers today. In the energy space, ONGC and Cairn were up 2.45% and 0.58% respectively. Among the IT counters, Infosys and TCS were down 0.01% and 0.63% respectively.

In the FMCG space, ITC and Hindustan Unilever were up 1.27% and 0.30% respectively. In the BFSI space, Kotak Bank and Axis Bank were down 4.05% and 3.54% respectively.

Outlook

The market will take cues from the global markets and is expected to open on a flat to positive note tomorrow. Trade short in the Nifty at 4580 levels with a stop loss of 4600, for targets of 4550 levels.

Source : Equity Bulls

Keywords