13th 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 resumes decline, we maintain the target of 5800

The BSE Sensex fell 1.25 percent to 20,193.35 points, while Nifty slumped by 1.36% to end at 6001.1. Cipla and Coal India slumped following disappointing earnings, while other blue chips tracked their lower global counterparts. Cipla Ltd slumped nearly 8 percent, while Coal India fell 3.3 percent. Hindalco Industries, reported a 23 percent decline in third quarter consolidated net profit. The company attributed fall in profitability to higher effective tax rate for the quarter. Weakness in Asia and Europe dragged domestic benchmark share indices to their day’s lows in late noon trades with private banks and capital goods shares leading the decline. Asian markets retreated from their recent highs as investors turned cautious booked profits after gains in the previous five straight sessions.

Technical Wrap

Nifty reacted sharply and ended the day with a loss of 82 points at 6001. It appears to have resumed its decline and we maintain the target of 5800 for the index as long as it now trades below the level of 6130. The bearish trend may accelerate in coming sessions and Nifty may retest the recent low of 5933 and below that we have a bearish target of 5767 to 5700 range where some support may be seen after this slide gets over. In the interim we do not recommend going long and even in case the level of 6100 is breached the maximum upside may still be limited to 6200 and the sell off may resume yet again as on a positional basis Nifty has formed bearish structures which have very negative implication for near term

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