Nifty ends lower ahead of expiry; banks, capital goods dip
27 Apr 2011
Indian equity benchmarks were extremely choppy in trade, especially ahead of expiry for the month of April on Thursday. Indices were in a consolidation mode for the fourth consecutive session today - could be waiting for some trigger related to earnings, likely rate hikes in forthcoming policy meet etc.
The 50-share NSE Nifty fell 34.50 points or 0.59%, to close at 5,833.90 on Wednesday, which has been in a range of 5800-5950 since previous few weeks. About 40 shares out of 50 settled the trade in a negative terrain.
But Rahul Mohindar, viratechindia.com does not see vigorous downside going ahead.
''I see correction down to maybe 5750- 5760 but again nothing deep that I am identifying and at the same time I would use these little cracks to really get in. I don't think that there is going to be a vigorous downside coming. I am still bullish on sectors like banking and technology. I think these frontlines could lead," Mohindar said.
"Those traders were looking at the market directly to 1 to 2 months perspective. We should keep in mind that probably the direction is going to be on the upside. The market over the next couple of weeks will head towards the 6000 level. We see decline as an opportunity to get in.''
The 30-share BSE Sensex shed 96.66 points or 0.49%, to settle at 19,448.69, dragged down by financial, cement, capital goods, power, realty and Anil Dhirubhai Ambani Group (ADAG) companies' shares.
