Despite recovery being seen across the global markets, the Nifty ended in red over concerns that inflation and rate hike would dampen corporate earnings. The Nifty shed 88 points to close at 5,417, led by Tata motors, BPCL and Jindal Steel which declined by more than 5 %. The Nifty trading in oversold zone give signs of bottom fishing for the investors. However, the downward bias remains intact until some positive news flow comes in. The immediate levels to watch out are 5,400 and then 5,300. However, on the upside 5,450 will act as key resistance.
No comments:
Post a Comment