After having a bearish tone yesterday the Nifty was in a highly bearish mode today.
The markets opened in a mildly bullish mode today before nose-diving by the end of the day. It made a high of 8786 in the morning and went down to a low of 8670 and finally closed at 8683(-0.95%). The immediate support for Nifty can be seen at 8500 while the resistance is at 9000.
Among the sectors, CNX ENERGY (+0.47%) was the only gainer today. The biggest losers were CNX AUTO (-1.6%) followed by CNX MEDIA (-1.39%) AND CNX IT (-1.38%). The Nifty breadth was negative today with 10 advances and 39 declines and 1 unchanged.
Among the prominent stocks, NTPC gained about +4.18% today along with LUPIN (+3.05%) and DLF (+2.07%). The Nifty losers were BANKBARODA (-2.91%), IDFC (-2.55%) and INFY (-2.5%).
Markets are getting cautious ahead of the upcoming budget announcements by the end of this week. With the expiry of the February series today, along with the rail budget announcement, the markets were in a very bearish mode today.
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