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Nifty erases intraday gains to end flat at 6,000 levels

22 Nov 2013 Evaluate

Nifty closed flat on Friday giving up intraday gains to mark its third consecutive week of losses, as concerns grew after data showed foreign investors have started cutting positions. Traders remained cautious ahead of expiry of the November derivative contracts next Thursday.

Nifty edged higher above 6000 levels in early trades on the back of a firming trend on other Asian bourses after the US Dow Jones closed above the 16,000-level for the first time on the back of a slew of upbeat economic data, influenced the trading sentiments here. Index continued to trade in positive territory in late morning mainly on buying witnessed in consumer durables, oil and gas and banking stocks. Traders were optimistic from Finance minister P Chidambaram’s statement that the country’s inflation will ease below 5 percent in current fiscal following steps taken by the Government and the Reserve Bank of India. Further, Chidambaram added that that stability in rupee value would come soon as Indian authorities such as RBI have been continuously taking measures in order to check rupee volatility. Some support also came from the World Bank, which said that Indian economy is likely to improve in the third quarter of current fiscal.

In the afternoon trade, index was trading near day’s highest point near the crucial 6,050 mark, with gains of over a percent on account of sustained buying by funds and retail investors. Selling in the late hours reversed the trajectory of the index, which ended lower for third consecutive day and the final session of the week. Shrugging off all the early optimism, index succumbed to ferocious selling pressure by the close of trade and plunged past the psychological 6,000 levels. Selling pressure gripped markets in the last hour of trade on Friday ahead of the volatile F&O expiry week.

NSE sectoral indices made a red closing, CNX Auto down by 1.18%, CNX PSU Bank down by 1.13%, CNX Realty down by 0.80%, CNX FMCG down by 0.58 and CNX Media down by 0.29% there were losers on index. On the other hand, CNX PSE up by 1.04 %, CNX Energy up by 0.60%, CNX Infra up by 0.36%, CNX Finance up by 0.26 and CNX IT up by 0.21% were the gainers on index.

The India VIX increased by 5.20% at 20.04 as compared to its previous close of 21.14 on Thursday. The 50-share CNX Nifty decreased by 3.60 points or 0.06 % to settle at 5,995.45.

The respective Support and Resistance levels of Nifty are: Resistance 6039.1 -- Pivot Point 6005.95 -- Support -- 5962.3.

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Nifty erases intraday gains to end flat at 6,000 levels

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