Mkt remains flat

Mumbai: Considered to be day of consolidation, the benchmarking indices continue in a tight range hovering between negative and positive zones. While the weekly technical indicators are showing market appears to be weak now.

After Chinese investment proposals, the next triggers for the market would be the Prime Minister Narendra Modi US visit, second quarter results and Maharashtra and Haryana state election, says the brokers.

Trade experts say that the Nifty faced resistance at all-time high levels of 8,180 and closed flat up by 6 points at 8,121. Sensex down by 21 points ended at 27,090.

Sectoral indices such as capital goods, oil and gas, automobiles, metal and realty sustained losses, while gains were observed in information technology (IT), technology, entertainment and media (teck) and healthcare stocks.

The shares lost include: L&T, HeroMoto Corp, Hind Unilever, M&M, ONGC, SBI, Tata Motors, RIL and BHEL. Shares of Tata Steel and TCS turned fancy after Moody's upgraded ratings of Tata group firms.

Forenoon subdued
Nifty closed flat for the day and for the week and recorded sixth weekly gain, one of the longest time frame gains in the recent past. With lot of domestic cues involving visits of foreign dignitaries and PM’s visit to US, market is holding on to the gains amid zigzag movements. Nifty closed above 8100 mark for the second day and would turn bearish only when it closes below 8020. Further, Nifty has been moving in a narrow range for the month and the present contraction would lead to inevitable expansion sooner than later. Nifty spot is expected to encounter resistance at 8160, 8195 and find support at 8080, 8045 for Monday. While global cues and funds flow are to guide the market based on the present market conditions. It is expected to be generally subdued in the forenoon session and witness zigzag movements thereafter.– Dr Amaranatha Sastry