23:25
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The BSE Sensex gained 12.15 points at 26310.84 and the NSE Nifty rose 1 point to 8112.60. The broader markets too were rangebound.
The market breadth was marginally weak as about 1052 shares declined against 855 advancing shares on the BSE.
Laurence Balanco of CLSA says the Philippine Stock Exchange, Hang Seng & Nifty have been the weakest markets having broken below their respective August/September lows, but are now ‘oversold’ & due a rebound rally.
According to him, the Nifty is likely to spend a period of time consolidating between 8,076 – 8,143 support & 8,507 – 8,562 resistance.
Clearly a break below 8,076 – 8,143 would be a concern opening the door for further weakness towards next chart support at the 7,700 – 7,722, Balanco says.
Hero Motocorp and Bajaj Auto fell more than 2 percent as demonetisation might be hitting company’s sales.
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Posted in: Indian Market Tips
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