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MTECHTIPS:-Technical Snapshot
The Nifty opened the day with gains, and the index soon moved up till afternoon, but some selling emerged in the final hours, but the index managed to close the day with gains. The session was marred by volatility as the rally seemed to be fizzling out when investors started booking partial profits around the psychological 5,700 levels in afternoon trades. However, sanguinity prevailed till the end as investors continued piling- positions in select blue chip stocks. The sentiments also got some boost as private banks viz. ICICI Bank, Kotak Mahindra Bank and HDFC Bank gained on hopes that their quarterly earnings would prove resilient.The gains came despite a sharp downward revision in India’s 2012 growth forecast by the International Monetary Fund (IMF). It expects India’s GDP for 2012 at 4.9 per cent, perhaps the most pessimistic growth outlook by a global body. IMF lowered its forecast despite the government unleashing a series of reforms to attract foreign investment and boost business sentiment in the country. Someamount of support also came in from software counters, which rose to near a percent after the Indian rupee fell to a one-week low on October 8, 2012, and posted its biggest single-day fall in three months. Buying in FMCG space also supported the frontline indices as stocks like Marico, HUL and Gillette India edged higher on favourable outlook for Rabi or winter crop following wide-spread rains in August and September.
The Nifty opened the day with gains, and the index soon moved up till afternoon, but some selling emerged in the final hours, but the index managed to close the day with gains. The session was marred by volatility as the rally seemed to be fizzling out when investors started booking partial profits around the psychological 5,700 levels in afternoon trades. However, sanguinity prevailed till the end as investors continued piling- positions in select blue chip stocks. The sentiments also got some boost as private banks viz. ICICI Bank, Kotak Mahindra Bank and HDFC Bank gained on hopes that their quarterly earnings would prove resilient.The gains came despite a sharp downward revision in India’s 2012 growth forecast by the International Monetary Fund (IMF). It expects India’s GDP for 2012 at 4.9 per cent, perhaps the most pessimistic growth outlook by a global body. IMF lowered its forecast despite the government unleashing a series of reforms to attract foreign investment and boost business sentiment in the country. Someamount of support also came in from software counters, which rose to near a percent after the Indian rupee fell to a one-week low on October 8, 2012, and posted its biggest single-day fall in three months. Buying in FMCG space also supported the frontline indices as stocks like Marico, HUL and Gillette India edged higher on favourable outlook for Rabi or winter crop following wide-spread rains in August and September.
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