After the frustrating 6 trading sessions of listless movement , Nifty finally seems to be giving in to the resistance and taking correction as it closed a percent lower.
The high of the day for Nifty was 7545 which is very close to the level of 7550 from where it slipped 1% throughout the day.
Ththe leve Index manages a closing at 7463. The winners of the day were Iltd- $%+, CESC ltd-4.9+, NCC ltd – 3%, IFCI -3%.
Losers: Lupin and divis labs lost 7.7% and 4.6% respective, other than that the mid-caps were the major downers for today.
The crude oil has posted another day of losses trading 2 and half percent lower currently. The US markets will reflect the same when it opens later today and the European indices are also weak with FTSE 100 and DAX trading nearly .7% lower and the CAC 40 is almost a 100 points down. The Asian indices are red as well except for Shanghai which is flat.
CHART OF THE DAY
We will look at Cairn India, where the volumes were very positive and strong initially when the rally started , however in the past three trading sessions the chart is shown lower volumes which is a cause of worry, adding to it is today which was a Doji formation indicating weak momentum.
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