MUMBAI: Benchmarks opened in the red on Thursday in line with Asian markets. Profit booking was seen across the sectors after a short covering
BSE
“Markets are likely to open slightly lower this morning as there will be little conviction to buy stocks after a runaway rise seen on Wednesday. There were no surprises in the FOMC statement that communicated that the Fed is unlikely to give up its easy money stance in a hurry.
The US markets have ignored that and are in a wait and watch mode for the all important non-farm payroll numbers that will be released this Friday. The ADP report, that talks only of private jobs and that came on Wednesday, did not really help matters as it reduced its earlier job loss tally for September but reported higher than expected jobs losses for October.
While the markets recovered on Wednesday, they are likely to settle in a new found range, with strong resistance in the 4820-50 region and support at 4538. The severity of the fall indicates that even if the consolidation happens within this range, the path of least resistance is down. We continue with our bearish stance on the markets and would recommend further lightening of commitments in any short term spikes on the higher side,” said Anagram Stock Broking note.
At 9:58 am, National Stock Exchange’s Nifty was at 4673.25, down 37.55 points or 0.80 per cent and Bombay Stock Exchange’s Sensex was at 15794.05, down 118.08 points or 0.74 per cent.
BSE Midcap Index was up 0.04 per cent and BSE Smallcap Index moved 0.11 per cent higher.
“Nifty after breaching mentioned support of 4600 mark has bounced back sharply towards 4700 mark. Technically, Tuesday’s low of 4538 will remain a key support in near term. Profit-booking at higher levels of 4800-4850 clearly not ruled out.
Key support for the day is placed at 4610-4615 range. Hurdle is seen in the range of 4770-4775 range on higher side,” said Reliance Money report.
Meanwhile, the Federal Reserve has kept interest rates unchanged and hinted that the rates would remain the same in the near future. The US markets discounted the news flow and ended little changed. Dow Jones ended 0.31 per cent higher, S&P 500 edged 0.10 per cent up and Nasdaq slipped 0.09 per cent.
Asian markets were under pressure on concerns of global economic recovery. Nikkei 225 was down 1.31 per cent, Seoul Composite fell 1.42 per cent and Strait Times declined 0.48 per cent.
BSE
“Markets are likely to open slightly lower this morning as there will be little conviction to buy stocks after a runaway rise seen on Wednesday. There were no surprises in the FOMC statement that communicated that the Fed is unlikely to give up its easy money stance in a hurry.
The US markets have ignored that and are in a wait and watch mode for the all important non-farm payroll numbers that will be released this Friday. The ADP report, that talks only of private jobs and that came on Wednesday, did not really help matters as it reduced its earlier job loss tally for September but reported higher than expected jobs losses for October.
While the markets recovered on Wednesday, they are likely to settle in a new found range, with strong resistance in the 4820-50 region and support at 4538. The severity of the fall indicates that even if the consolidation happens within this range, the path of least resistance is down. We continue with our bearish stance on the markets and would recommend further lightening of commitments in any short term spikes on the higher side,” said Anagram Stock Broking note.
At 9:58 am, National Stock Exchange’s Nifty was at 4673.25, down 37.55 points or 0.80 per cent and Bombay Stock Exchange’s Sensex was at 15794.05, down 118.08 points or 0.74 per cent.
BSE Midcap Index was up 0.04 per cent and BSE Smallcap Index moved 0.11 per cent higher.
“Nifty after breaching mentioned support of 4600 mark has bounced back sharply towards 4700 mark. Technically, Tuesday’s low of 4538 will remain a key support in near term. Profit-booking at higher levels of 4800-4850 clearly not ruled out.
Key support for the day is placed at 4610-4615 range. Hurdle is seen in the range of 4770-4775 range on higher side,” said Reliance Money report.
Meanwhile, the Federal Reserve has kept interest rates unchanged and hinted that the rates would remain the same in the near future. The US markets discounted the news flow and ended little changed. Dow Jones ended 0.31 per cent higher, S&P 500 edged 0.10 per cent up and Nasdaq slipped 0.09 per cent.
Asian markets were under pressure on concerns of global economic recovery. Nikkei 225 was down 1.31 per cent, Seoul Composite fell 1.42 per cent and Strait Times declined 0.48 per cent.
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Source: economictimes.indiatimes.com
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