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Tuesday, 20 August 2013

STOCK MARKETS SLIDE CONTINUES

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Stock market today

             Stock Market Opened with more than 1 percent Cuts to both NSE & BSE and this was on weak Rupee opening as well as US Markets which closed weak in yesterdays closing. But stock markets didn't lose much from thereon and attempted to pull back and every pull back was accompanied by sell-offs and eventually ended on weaker note. There is lot of negative sentiment in the market and every pull back is getting sold into and that is not at all a healthy sign for stock markets.

Dollar to rupee

                            Dollar to rupee opened at an all-time high of 64 and after that it showed some strength and recovered as traders seems to be booking profits as rupee has gained more than 5% in past few days and eventually closing at 63.48 and at these levels rupee is very volatile and even it recovers to 60-61 levels also it is still in weak territory.



                                                
                                                 STOCK MARKETS SLIDE CONTINUES

 NSE Index

                         Nifty has held on to its support level of 5400 closing at 5401 and nifty in the opening trade went down more than 100 points at one point of time it even touched 5300 mark and every attempt to recover was sold into and the support level of 5400 stays and if this breaks then 5350 will form its next support and resistance is at 5550.

 NSE sectorial Indices

                         Bank Nifty although has closed up compared to yesterday’s closing it still remains in weak spot and the support of 9000 is very crucial and resistance comes in at 9500 .

                      CNX IT Index has closed near the support levels of 7700 and if it continues to close below this level in tomorrow’s trade too then the weakness is confirmed and if stays above these level there is a chance that they can make recovery in tomorrow’s trade.

                        CNX Metal index is outperforming in this weak market condition and has zoomed past its resistance level of 1820 and closed at 1840 it looks there is more upside to come and next resistance is at 1890 and support is at 1740.

                     CNX Small Cap index has held on to its support levels of 2600 in today’s trade too and this is a positive sign for the index and support stays at 2600 and resistance is at 2700.

       CNX Energy Index is still below the support level of 7550 and at these levels the weakness is going to continue and resistance comes in at 7450.

       CNX Mid-cap index have stuck to 6550 levels and if it stays there in tomorrow’s trade then we can expect recovery in this index and resistance comes in at 6650.
              
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