Sensex has support at 11900-11730: ICICIdirect.com
The report says that Sensex has support at 11900-11730 and advises against taking aggressive trading positions till Nifty breaks from 3500-3750.
By ET Bureau |
MUMBAI: Indian markets are likely to trade with a negative bias, says ICICIdirect.com report. The report says that Sensex has support at 11900-11730 and advises against taking aggressive trading positions till Nifty breaks from 3500-3750.
���Indian markets are likely to open flat and trade with a negative sentiment. Some profit booking cannot be ruled out later in the day. The announcement on the stress case needs some more clarity and markets may trade range bound for the next few sessions till the full impact is calculated. We advise against taking aggressive trading positions till clarity emerges or the market breaks from the trading range of 3500-3750 on the Nifty.
The Sensex has supports at 11900 and 11730 and resistances at 12270 and 12550. The Nifty has supports at 3640 and 3600 and resistances at 3730 and 3760.
US stocks slid on Thursday as investors took profits from the technology sector���s recent surge, while analyst downgrades hurt telecoms and a tepid response to a government bond auction raised fears about public finances. However, stock index futures rose after the official government results were released that said leading banks would raise $74.6 billion to build a capital cushion. Officials hope this will restore faith in financial firms and set a course out of the deepest recession in decades. Shares of several major banks, including Citigroup rose after the bell, with Citi gaining 6.6% to $4.0 after regulators said the bank���s capital need was $5.5 billion. Citi had ended the regular session down 1.3%. There was no major negative surprise from the stress results,��� the report said.
���Indian markets are likely to open flat and trade with a negative sentiment. Some profit booking cannot be ruled out later in the day. The announcement on the stress case needs some more clarity and markets may trade range bound for the next few sessions till the full impact is calculated. We advise against taking aggressive trading positions till clarity emerges or the market breaks from the trading range of 3500-3750 on the Nifty.
The Sensex has supports at 11900 and 11730 and resistances at 12270 and 12550. The Nifty has supports at 3640 and 3600 and resistances at 3730 and 3760.
US stocks slid on Thursday as investors took profits from the technology sector���s recent surge, while analyst downgrades hurt telecoms and a tepid response to a government bond auction raised fears about public finances. However, stock index futures rose after the official government results were released that said leading banks would raise $74.6 billion to build a capital cushion. Officials hope this will restore faith in financial firms and set a course out of the deepest recession in decades. Shares of several major banks, including Citigroup rose after the bell, with Citi gaining 6.6% to $4.0 after regulators said the bank���s capital need was $5.5 billion. Citi had ended the regular session down 1.3%. There was no major negative surprise from the stress results,��� the report said.
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