28 Apr 2009,ET Bureau
MUMBAI: Selling pressure intensified in Indian markets on Tuesday as traders were settling positions ahead of April series F&O expiry. Metals, realty and power stocks were extending losses while IT was almost flat-to –positive.
“The undertone of the market is still strong, but ahead of April expiry we could witness volatile and choppy session. Nifty faces solid resistance above the 3,500 mark, as the Nifty has corrected for the second time from the 3,517 level. This intermediate uptrend is intact unless Nifty breaks below 3,300. Nifty sustaining above its 200-day moving average is a big breakout and one should buy at dips and participate in this rally. The immediate intra-day support for Nifty is at 3440 - 3390 – 3365 and resistance area is at 3520 for Nifty future,” said Nirmal Bang report.
At 12:30 pm, National Stock Exchange’s Nifty was at 3402.25, down 67.75 points or 1.95 per cent. The broader index broke psychological mark to touch a low of 3399.80.
Bombay Stock Exchange’s Sensex was at 11,173.78, down 198.07 points or 1.74 per cent. The index touched an intra-day low of 11171.62 and high of 11375.97 in trade so far.
“Nifty has a strong resistance at 3505 while short-term support exists at 3100. IT/capital goods are likely to remains stable in overall down market. real estate, infrastructure, banking and metals stocks are to see selling,” said Networth Stock Broking.
BSE Midcap Index was down 1.87 per cent and BSE Smallcap Index declined 1.75 per cent.
Nifty losers included Punjab National Bank (-6.24%), DLF (-4.59%), Reliance Infrastructure (-4.48%), Sterlite Industries (-4.36%) and Tata Steel (-4.35%).
Unitech (2.63%), M&M (1.42%), Infosys Technologies (0.45%), Ranbaxy Laboratories (0.45%) and BPCL (0.28%) were the top Nifty gainers.
All the sectoral indices were in the red. BSE Metal Index was down 3.17 per cent, BSE Realty declined 2.61 per cent and BSE Power Index fell 2.46 per cent.
European markets too opened in the red mirroring global sentiments. FTSE 100 was down 1.4 per cent, DAX and CAC fell 1.8 per cent each.
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