12th Feb: 2 mins Nifty wrap up for the day

GEPL Capital
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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 likely to correct from under 6130 to 6170 range

It was yet another range-bound, positive session for Indian markets today. Global markets reacted positively to Janet Yellen taking over the chief’s job at Federal Reserve. Yellen said the central bank plans to continue easing its stimulus program, adding it would take a notable change in economic data for the Fed to change its plans. The Railway Ministry presented its last Railway Budget before General Elections of 2014. There were no major surprises in the Budget announcement. Among major announcements that Kharge made was the inclusion of the north-eastern states of Meghalaya and Arunachal Pradesh on the railway map by FY 2015, which until now enjoy very low connectivity. The rail minister also announced the completion of the 11.2-kilometre-long Banihal -Qazigund rail link in Jammu & Kashmir. Railway stocks fell after the Budget as there was hardly anything special for them in the Budget; namely, TITAGARH WAGONS (-0.81), KALINDEE RAIL NIRMAN (ENGINEERS) (-0.98%) and TEXMACO RAIL & ENGINEERING (-3.72%). Among SENSEX stocks, TATA STEEL (-4.09%) was the biggest loser as concerns about its increasing debt mounted. Company’s consolidated net debt rose to Rs70,129cr in Q3FY14; almost double its Q3FY14 revenues of Rs36,736cr. ICICI BANK (+3.11%) was the biggest SENSEX gainer. Markets would keenly watch IIP and CPI numbers at 5:30pm today to get cues about next RBI policy direction. NIFTY and SENSEX closed the day 0.35% and 0.42% higher

Technical Wrap

Nifty ended the day with a gain of 21 points at 6084. It almost tested the resistance of 6110 and is now approaching a stiff resistance range of 6130 to 6170. We recommend exiting from any pending stuck up long positions near present levels. Any upside from here on my possibly be short lived and selling pressure may resume. On the lower side the level of 6030 is the immediate support and a reversal level for the immediate term. A move below 6030 would indicate the start of a decline. On a breach of 6030 Nifty may retest the recent lows of 5933 and below that 5800 is a possibility on a positional basis. The bearish trend would persist as long as 6265 is not conquered on the upside

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