Sensex fell 43.19 points to 28420. Nifty
managed to hold the 8600 level, down 6.40 points to 8603. However, the broader
markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising
0.3-0.4 percent. The market breadth was positive as 1543 advanced against 1285
shares declined on the Bombay Stock Exchange. There is a degree of
indecision among the bulls, and the last session being a Friday there had been
some profit taking as well. it is still a one-sided game between the bulls and
the bears, with the former still comfortable control over the turf.Our
view is that so long the bulls are able to hold the Nifty above 8593 – 8589
range, there would not even be any minor threat for them. Only when you see it
falling below 8575 on high volume expect lower levels of 8550 through 8540
getting retested. Till such time, the Nifty breaks 8540 decisively, the bulls
would retain their advantage and we could expect renewed buying at lower levels
once the selling is through. A fall below 8520 would signal that 8540 has been
taken out the bears; however, as of now that looks like a tall order! Indian markets continue to trade weak in
the noon session, though there is not much selling pressure and the major
indices are moving in a tight range but there is also no trigger to let the
markets move higher. Sensex traded 67 down at 28,395. Nifty traded 12.00 points
down at 8,597 Benchmark shares indices ended lower on profit taking
after sharp gains last week as investors turned cautious ahead of the monsoon
session of parliament which starts tomorrow with focus on key bills including GST and land acquisition bill. Meanwhile, investors
will be keenly awaiting first quarter earnings from IT major Infosys tomorrow.
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