23rd Apr: 2 mins Nifty wrap up for the day

A daily wrap up on the market, which will keep you updated on what happened in the day and what to expect & news to watch out for the next trading session

Nifty may correct till 5750 to 5700 range

NIFTY moved in the red throughout the day and made a late-in-the-day spurt to close the day with minor gains. The Prime Minister’s Economic Advisory Council (PMEAC) presented its report card and projected GDP growth at 6.4%, CAD at 4.7% and WPI at 6% for FY14. Markets ignored feel-good picture painted by PMEAC and continued to trade flat. HDFC Bank reported a healthy set of numbers for Q4FY13, however the stock saw some profit booking since it had run up more than 15% over past one month. Among broader indices, BSE HEALTHCARE (+0.66%) and BSE IT (+0.64%) were best performing indices whereas BSE CAPITAL GOODS (-1.29%) and BSE CONSUMER DURABLES (-1.14%) fared the worst. NIFTY and SENSEX ended the day with miniscule gains of 0.04% and 0.05% respectively. Indian markets will be closed tomorrow on account of Mahavir Jayanti and the session after that (25th April, 2013) is expected to be quite volatile since it would be F&O expiry day.

Asian markets were weak today due to disappointing manufacturing PMI numbers from China. The gauge was at 50.5 in April, 2013 versus 51.6 in March, 2013 and versus Bloomberg estimates of 51.5. Consequently, SHANGHAI COMPOSITE dropped 2.57% while HANG SENG lost 1.08%. NIKKEI came under profit booking pressure ahead of key result announcements and due to strengthening of Yen versus its peers. The index lost 0.29% and retreated from its 5-year high. European Indices opened on a strong note despite Euro Area services and manufacturing index contracting to 46.5 in April, 2013; its 15thstraight contraction. FTSE was up 1.03%, CAC was up 2.15% whereas DAX was up 1.02%. Spain’s GDP fell 0.5% in Q1CY13 but lesser than the 0.8% contraction reported in Q4CY12.

Technical Wrap

Nifty ended almost flat with a marginal gain of 2 points at 5836. It now trades right at the resistance of the upper trend line of a declining Channel it has been trading in since past few weeks. There is a possibility of a decline till 5750 and below that 5700 in the coming two to three sessions. We recommend profit taking in any Nifty long position. On the higher side the level of 5880 and beyond that 5900 should act as a resistance for the immediate term.

GEPL Capital
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