Business & Investment

MarketWatch: Was Friday a precursor to D-St’s weakness?

Welcome to ETMarkets Watch. A show about stocks, market trends and ideas for making money. I’m Nikhil Agarwal. This is the top headline for this time.

Sensex ended down 549 points and lost 2.15 rupees
HCL Tech Q3 profits increased 31%. Ebit guidance raised
SAIL OFS has a strong retail response and doubles the number of applications
GAIL approves repurchase of 1,046 rupees
Rapid rise in bond market borrowing costs over RBI measures to discharge cash

Let’s take a quick look at what happened on Daral Street today.

The bears finally became dominant, and this time there was no slow fight by the Bulls.

On Friday’s fall, the Bulls, who had recently been aiming for 50,000 points in Sensex, were comforted by surpassing 49,000 points. For Nifty, the session ended just below the main support level of 14,450.

Without denying, the domestic index is trading in the overbought territory, and the recent backlash has surprised many analysts. Thanks to the blockade of China and the slump in US employment data, the slump in the global market on Friday gave domestic stocks a break, mainly due to concerns about a global economic recovery.

Only four of the 30 Sensex shares ended higher than that day. The forward-to-down ratio of the broader market was also fairly weak.

Tech Mahindra, ONGC and HCL Tech each fell by about 4%. UltraTech Cement, ONGC, and Asian Paints decreased by 2-3%. The other 12 fell by more than 1%.

In the wider market, SAIL rose 4% due to a strong retail response to sales. Canara Bank, Emami, IGL, BEL, Muthoot Finance and others fell by about 4%.

I met Paras Bothra of Ashika Stock Broker and learned about his views on the market.

Welcome to the show, Mr. Botola
1) Friday’s forward-to-down ratio was fairly weak. How do you summarize market sentiment?

2) IT stocks, whether Infosys or Wipro, did not respond very well to strong quarterly earnings. Why is that so?

On the technical chart, Nifty closed slightly above support level 14,450. I caught up with Anand Rathi’s Nilesh Jain to decode the chart.

Welcome to the show, Jane
1) Nifty was looking for overbought for a few days and was making hanging man candles. Did the Friday session show signs of weakness?

2) What do you think about Nifty Bank?

Globally, the Asian market has almost fallen. The European market was trading negative in the first few hours of trading. US equities futures signaled a negative start for US equities later that day.

That’s all for now. Check out for all the news, market analysis, investment strategies, and dozens of recommended stocks. Enjoy the night. Bye bye!

MarketWatch: Was Friday a precursor to D-St’s weakness? MarketWatch: Was Friday a precursor to D-St’s weakness?

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