VIEW CAUTIOUS FOR TRADERS: EXITING LONG POSITIONS ADVISABLE OR LONG NEXT MONTH 4800 PUT
MONTHLY PATTERN NOT IN FAVOUR OF BULLS.
MEDIUM TERM UPTREND STILL INTACT, HOWEVER NIFTY MUST NOT BREAK BELOW 5110 AND END CORRECTION BEFORE THE NEW EXPIRY.
MEDIUM TERM UPTREND STILL INTACT, HOWEVER NIFTY MUST NOT BREAK BELOW 5110 AND END CORRECTION BEFORE THE NEW EXPIRY.
The NSE Nifty spot closed at 5333.55 up by 113 points and BSE Sensex closed at 17503 up by 2.09% on weekend. Metal stocks ended the week with notable losses despite turning in an impressive performance on Weekend. A weak trend in global metal prices due to demand concerns following a downward revision in Chinese growth target spooked metal stocks. Sterlite Industries, Jindal Steel, Hindalco and Tata Steel all ended the week with sharp losses. Reliance Industries, Bhel, Gail , Bharti Airtel, NTPC & Tata Power also closed on a weak note last week. Among the gainers in the Sensex, Tata Motors, Maruti Suzuki, Wipro, HDFC, ITC, ICICI Bankand Coal India gained modest ground in positive territory. Multi Commodity Exchange (MCX) shares made an impressive debut on Weekend. The IPO from the company had received an overwhelming response, getting subscribed more than 54 times. On the NSE, the stock rose to Rs 1428.55 in early trades & despite losing some ground as the session progressed, closed at Rs 1294, up more than 25% from its issue price. In economic news, India's exports grew an annual 4.3% to $24.6 billion in February, while imports grew 20.6% to $39.8 billion. The trade deficit widened to $15.2 billion during the month from $14.8 billion in January. Total exports are seen in the range of $292 billion to $298 billion for the 2011/12 fiscal year that ends on March 31.
