Markets showed correction for the second consecutive session and settled in red territory closing around its support level. Nifty future on daily charts if holds below the 23.6% retracement of 6060 in the coming sessions then bears may further drag it towards the deeper support of 5990. Any reversals may occur in the range of 6100-6070. Overall, market is now in corrective phase.

TREND: SIDEWAYS

SUPPORT : 6070 & 6020

RESISTANCE: 6155 & 6200

Major Market News:

• BSE Sensex sheds 112 as share sales, Fed meet weigh.
• Voltas Q4 profit plunges 91.4%.
• Coal India climbs as Q4 profit surges 89.7%.
• SREI Infra Finance climbs as Q4 profit jumps 5.24 times.
•  LIC India sells 2.53% stake in Maruti Suzuki.
• Tata Steel may sell part of Corus assets to pare debt.

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Markets moved in a consolidated fashion and after hitting fresh highs it dragged in second half and closed marginally in red. Nifty future was unable to test its crucial resistance of 6250 and so still resistance range is seen around 6250-6300. While, if it breaches 6130 level and continues to trade in below the strong support of 6100 then next support for the intraday support is seen near 6050.

TREND: SIDEWAYS

SUPPORT : 6130 & 6090

RESISTANCE: 6240 & 6300

Major Market News:

• Sensex settles 62 points lower; healthcare, consumer durables fall.
• Adani Enterprises Q4 profit jumps 53% on one time gain.
• India Cements Q4 profit slips 60% on lower margins.
• Apollo Hospitals Q4 profit climbs 27.3%.
• City Union Bank Q4 profit rises 15%.

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Benchmark Indices hold near to their crucial levels last week and is continuing the bull rally and settled on a strong note. Nifty future resisted at 6210 in the previous session while 6150 acted as strong support. On daily charts, higher highs are seen since last four sessions and if it holds above 6210 then only it may lead towards new highs while any correction will find support in the range of 6150-6110.

TREND: SIDEWAYS

SUPPORT  :  6150 & 6110                           

RESISTANCE:   6250 & 6290

Major Market News:    

• Sensex ends slightly higher; power, capital goods jump.
• ITC Q4 net rises 19%; non-cigarette FMCG biz breaks even.
• Sun TV Q4 net profit up 12% at Rs 178cr.
• Ambuja Cements asked to deposit $21 mn fine by CCI.
• Motherson Sumi Q4 net profit rises marginally to Rs 195.80 cr.

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Markets ended on a flat note with amid volatility closing around their resistance levels due to profit booking at higher levels. Nifty future is facing resistance mainly in the zone of 6180-6210 where profit booking is seen. Surpassing this range next resistance is seen around 6250. If it holds below the near support of 6140 in the coming session then it may show some correction towards the next support near 6100.

 TREND: SIDEWAYS

SUPPORT : 6140 & 6100

RESISTANCE: 6210 & 6250

Major Market News:

• Sensex ends slightly higher; realty, oil & gas lead.
• Reliance Capital consolidated Q4 profit slips 19.5%.
• Bajaj Auto Q4 falls marginally.
• DB Corp consolidated Q4 profit climbs 22%.
• Arvind consolidated Q4 rises 13.7%.
• TTK Prestige Q4 beats forecast; profit jumps 42%.

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TREND: SIDEWAYS

SUPPORT : 5960 & 5920

 RESISTANCE: 6050 & 6090

Major Market News:

• Sensex spurts 491 points to close above 20,200.
• Eurozone economy shrinks in Q1, marks longest recession.
• Tata Motors global sales fall 7% in Apr’13.
• Karnataka Bank Q4 profit slips 19%, asset quality improves.
• Bajaj Finance Q4 net spikes 52%, shares hit 52-wk high.

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Benchmark Indices settled on a flat note despite of favored WPI Inflation nos. and traded around their support range. Nifty future if continues to trade around this support range of 6000-5980 then we can expect further correction towards the deeper support of 5920. On the other hand, to again gain strength it needs to close above 6050 from where it may lead towards the near term resistance of 6100.

TREND: SIDEWAYS

SUPPORT : 5960 & 5920

RESISTANCE: 6050 & 6090

Major Market News:

• Sensex continues to trade higher; GAIL, ONGC rise.
• Dr Reddy’s consolidated Q4 profit jumps 66.6%.
•  United Bank Q4 profit plunges 79.1% on higher provisioning.
•  RInfra consolidated Q4 profit surges 76.2%.
• Muthoot Finance Q4 profit falls 6.4%.
• Aptech Q4 profit jumps 86.2%.

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Markets plunged about 2% in the starting of week on profit booking after a relentless bullish rally seen from various sessions. Nifty future showed a free fall with good volumes surpassing the support of 6070 and fell towards the next important support of 5990. For the coming session if it is able to maintain above 6030 then it may sustain its bullishness but if it falls below the strong support range of 5980-5960 then some correction may be seen in the coming sessions.

TREND: SIDEWAYS

SUPPORT : 5930 & 5860

RESISTANCE: 6030 & 6070

Major Market News:

• Sensex crashes 431 points; FMCG plunges.
• Bank of India Q4 profit falls 20.6% on higher provisioning.
• Bank of Baroda Q4 below estimates; profit drops 32.2%.
• Punj Lloyd bags order worth Rs 7.3 bn from ONGC.
• JK Cement drops 4% on disappointing Q4 nos.

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