MTECHTIPS

MTECHTIPS:-Technical Snapshot:
The Nifty futures  gave a  positive opening in yesterdays session, taking cues from positive Asian peers. It turned out to be a volatile session of trade for stock markets in India, which registered their second positive close in last three sessions on Thursday. Though, the frontline equity indices’ quarter percent gains appeared marginal when compared to the notable gains amassed by their peers in Asian region, however, it looked prominent in the face of the sharp sell-off seen in European counterparts.The domestic bourses had capitalized on the initial momentum after the gap up opening but lost their direction in afternoon trades post European market opening. The benchmark equity indices that were trading with over a percent gain in mid morning trades trimmed most of it and touched the lowest levels in the mid noon session. oncerns from the money market showed little signs of waning as after showing strength earlier in the session, the rupee depreciated to fresh historical low levels. On the sectoral space, buying was witnessed in the defensive - FMCG counter which topped the chart with close to two percent gains followed by the high beta Realty pocket that surged around a percent. On the flipside, the falls in Capital Goods sector by over two percent and Auto index by about a percent, capped the upside chances for the bourses. Among individual names, big boy Reliance Industries made its presence felt by surging over a percent on reports that the company can fix its KG-D6 gas price at
$4.2/mmbtu till 2014.