Indian markets dropped on Friday led by realty, metal and
capital goods. The market was marginally higher in the first half.
Later, it witnessed some selling, which got intensified towards
closing. European indices were positive but failed to cheer the
market sentiment. Reliancelost about 1.5% after announcing weaker
At the close, the benchmark 30-share index, BSE Sensex declined
135.85 points or 0.73% at 18,577.70 with 23 components registering
drop. Meanwhile, the broad based NSE Nifty fell by 39.25 points or
0.69% at 5,648 with 40 components posting drop.
Among the sectoral indices, Realty was down by more than 3%.
Metal, Power and Capital Goods also witnessed prominent selling and
were down by more than a percent each. FMCG and Consumer Durables
were marginally in positives.
Nidhi Sarswat, senior research analyst, Bonanza Portfolio, said,
"Nifty saw selling pressure in today"s session and indicated
further weakness in the coming sessions. The positive indicator is
that Nifty is still holding above 5635 near term support level.
However, seeing the downside today, if Nifty goes below 5635 level
in coming sessions, it may turn the near term trend to negative and
Nifty may be seen falling below 5600 level."
"In the coming sessions, 5635 continues to be deciding level on
downside. If Nifty goes below 5635, further selling pressure may be
seen upto 5575-5525. On the upsides, above 5690, further buying
momentum is likely for a target of 5725-5765. Until these levels
are crossed either way, near term trend remains indecisive and
Nifty continues to trade in range," Sarswat said.