Markets Continue With Downtrend

The Indian markets have opened on a negative note today. The Nifty has opened with a downward bias of 10 points at 5736 and Sensex is 5 points down at 19,002. Both indices have opened down in the range of 0.2%-0.03%.

The advance-decline ratio is on the negative side this morning. On the NSE, 430 shares are in the green and 840 shares are in negatives.

Top 5 NSE Gainers: HUL is the top gainer on the NSE, trading up by 2%, followed by DLF, BHEL, Sesa Goa and Cipla.

Top 5 NSE Losers: UltraTech cement is the top loser trading down by 2.6 %, followed by Reliance Infra, ACC, ONGC and NTPC.

All the sectors are trading in the red apart from FMCG and Healthcare. Auto is down by 20 points, Oil & Gas is down by 43 points, Metal has dropped 5 points, Banks is down 70 points and Consumer Durables is lower by 50 points.

In the Asian markets, the Hang Seng is positive by 192 points. Taiwan Weighted is down by 25 points and Shanghai Composite is up by 47 points and Nikkei 225 is closed for the day.

Buzzers: UltraTech Cement is trading down by 2.6 % at Rs 1830. The stock is losing strength and trading below the support level of Rs 1850 from the morning session. It has good support at these levels, after which we will see further moves from the current levels.

Reliance Infra has seen a good momentum in the last few trading days. The stock opened on a negative note at 1.66% and is trading on Rs 389. It has good support levels at Rs 380.We can see can see further moves if it breaks this level.

The levels of 5710-5690 will be a limit for the Nifty. A major hurdle will be 5780. If the index breaks and trade above this level, we may see a further up-move after this level.