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Markets saw a steep downfall on account of weak European markets and disappointing Infy nos. Nifty future took strong resistance around 5330 and took reversal towards its 200 day EMA i.e. around 5225. It further plunged below 5200 to test the low of 5195. Now, global weakness may further weaken Indian markets towards lower levels. Nifty will find its support in the range of 5170-5130. Short covering may take it towards 5280 while 5330 is seen as resistance.
TREND: SIDEWAYS
SUPPORT: 5170 & 5130 RESISTANCE: 5280 & 5330
Major Market News-
Sensex ends 238 pts down on grim Infy outlook, Spain woes.
Healthcare, FMCG, oil & gas and auto closed positive.
Infosys results: Q4 Net up 27% YoY; shrs tank on poor FY13 $ guidance.
Cairn India ups Mangala reservoir estimate by 36%.
