After opening in upward gape at 7976, Nifty50 continued to slide. After making low at 7910, Nifty50 consolidated at 7920 level and finally closed at 7931. NSE ADR hovered around 1. India VIX made intra day low below 15, bounced back into GREEN, and finally closed in RED.
In today's trade, most hotel stocks gained and closed 5 to 10% higher. Fundamentally, low "occupancy level" and "high debt" are concern for Hotel Industry. Some unconfirmed news that Hotel Industry might be given "infrastructure status" was fueling this price movement. India Hotel closed above its 200 Day SMA. Aviation stocks had also good session.
In Chennai heavy rain broke the record of last hundred year. Airport and Railway station were flooded and all flights and Trains to and from this leading Metro had to be canceled. Manufacturing facilities of AUTO Industry in and around Metro had to shut the shop. NSE Auto Index closed at flat. TVS Motor closed 5% lower at 289, reacted to news of heavy rain forced factor closure in and around city. Motherson Sumi closed 3% lower at 283INR, reacting to negative news flows on Volksvagon front. Bosch had a quite session and after trading in narrow range finally closed 0,7% lower at 18550 INR. Chennai is also leading hub of IT Industry. IT majors declared holiday due to flood. NSE IT Index closed in RED as out of 10 IT Index stocks - 8 stocks closed in RED. Infy closed below its 200 Day SMA. Rise in OI- slide in price in December Future of Infy indicates, built up of fresh short position in Stock. Throughout the session, Banking stocks traded weak. Bank Nifty closed 1% lower. Out of 12 Bank Nifty stocks, 11 closed in RED. PNB was worst performer-closed 3% lower at 139 INR. NSE Metal Index closed in GREEN. TATA Steel & JSW Steel gained more than 2%. Welspun corp closed in RED. Defensive pack FMCG and Phrama Index closed in GREEN. Pharma Index closed 1% higher with 7 out 10 Index stock closing in green. SunPharma opened in up gape at 739 INR, and finally closed flat at 730INR.
Tomorrow ECB ( European Central Bank) meeting is scheduled. As indicated earlier, ECB might announce some stimulate, which will increase liquidity in world markets. INDIA VIX and NSE ADR shows neutral view with slightly negative bias. For Nifty, now 7900 is psychological support on downside and 8000 is psychological resistance in up move.
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This blog is for sharing information regarding the equity market. Writer of blog may have position in equity and derivative market as per his own risk profile and market condition. Readers of this blog page are requested to consult their financial adviser before acting on the information provided here.Writer may have discussed similar thing with friends in group.
Written Date :- 02.12.2015 Wednesday 15:45 hours IST
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