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Nifty (Spot) support
for the day exists at 5100-5050 & Resistance to the up-move is at around
5150-5200. IIP Data eyed. No early trade today, Wait for clarity. The market will
continue to be lacklustre. Investors are awaiting
IIP data for January, scheduled to be announced Friday and quarterly advance
tax numbers due later this month which could offer some cues. |
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There isn’t much insightful stuff to talk about right now. The
only thing that you can say is that the Nifty is been static - it’s not
slipped and that’s important because when a market is tired and is unable to
move up it corrects but we have not seen any kind of correction; we are still
trading at post-Budget highs of more than 5100. So we think we are okay from
the market perspective. There is lack of ammunition because of the primary
issuances so the market is unable to move up against the weight of that but it’s
not correction. If the market was weak and was tired out then you would have
seen the Nifty at least at 5000 if not 4950.
So that there was a retracement but that retracement did not happen so the best way to read this
is pre-Budget the market underperformed, after the Budget we simply had
recalibration of that underperformance and came back to even keel and now the
market is saying, “we have done that, we have compensated for the pre-Budge underperformance
and now we are evenly balanced with risk and rewards”. There is no tearing
rush to go back to more than 5300 and there is no reason for the market to
correct sub-5000. So you mark time and wait for triggers global and local. |
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After remaining sluggish the entire day, the markets recovered in
the last 10 minutes of trade. The Nifty ended the day at 5,147, up 31
points, while the Sensex shut shop at 17,207, up 109 points. Volumes continue
to remain thin at Rs 83,300 crore. The gap between the advances and declines
worsened towards the end of trade. The breadth at the end of trade was 1:2 in
favour of declines. A few stocks like Bharti, Wipro, Infosys and private sector banks like ICICI Bank
and Axis Bank helped keep spirits up. It was a stellar listing for Man
Infrastructure. The stock ended the day up 38%. Among the draggers, Hindustan
Unilever tanked 4% after reports of the company slashing prices. The sugar
sector continues to bleed on concerns over global sugar prices. |
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Simply Reply DISCONTINUE at |
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DATE |
PACKAGE |
NET PROFIT FOR THE DAY |
DETAILED RESULT |
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WEEKLY 02-03 To 05-03 |
Cash – Intra |
(+) 38,900=00 |
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Future - Intra |
(+) 58,479=00 |
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