Market Brief – Continuing the losing streak, Sensex, today, closed at 25453.56, down by 242.88 points, and -0.95 percent, whereas Nifty closed at 7717, down by 68.85 points, -0.88 percent, despite a promising start in the early trade triggered by Government’s move to do away with MAT on Foreign Portfolio Investors (FPI).
The market sentiments turned negative, despite the positive trigger of MAT, on the back of weak China data and Global market cues. Globally, the Euro markets and the US markets are also trading lower by 469 points and 2 points respectively.
The BSE Smallcap index ended positive for the day, and closed at 10749.63, up by 16.25 points, and 0.15 percent. However, the BSE Midcap index gave a negative close of 10437.07, down by 86.76 points, and -0.82 percent.
The short and the intermediate trend for the markets still remain down, whereas the long term trend is still up. The Sensex has broken the support level of 26000, and is trading between 25500 and 26000. The Sensex will slip down more if it closes below the level of 25300. Nifty has broken the support level of 7880, and is trading between the range of 7700 and 7800. The Nifty may dive down more if it gives a close below 7670.
Investors are advised to remain cautious and stay invested in the market with a long term perspective, in the blue chip, low debt and good governed stocks.
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