MTECHTIPS EQUITY INDEX MARKET

MTECHTIPS:-NIFTY Nifty gave a negative opening taking cues from the world markets, the indices witnessed a range bound trading session with negative bias. The markets witnessed sustained selling, and the index closed the day around days lows failing to recover. The markets dipped on sustained selling to close well below the 5400 levels.Nifty has corrected 100Points from 5448 which is high in 5month, Nifty also failed to hold 5380. Today Nifty has to hold 5330 & cross 5380, only then some positive sentiment would revive the markets from these lower levels, so as to make a possible up move towards 5400-5450, On the flip side if Nifty goes below 5330 and closes below 5310 then ,there would be a problem as panic would set in, and Nifty could dwindle towards 5252-5220 . Nifty has made lower highs and a lower lows on for three days in succession suggesting some weakness, but if Nifty sustains above 5380, then some short covering towards close of the settlement could be witnessed. MTECHTIPS:-SENSEX
The SENSEX gave a negative opening taking cues from the world markets, and the index traded with negative bias, throughout the trading session. The market did not recover from intraday lows, and closed the session with sharp losses.Sensex has closed below 17700 levels after 4trading days and now below 17620 then possibility of 17500-17400 levels cannot be ruled out given the circumstances, due to heavy selling pressure. Today Sensex has to hold 17620 levels and cross 17750 if it has to make any positive up move towards 17900-18000 levels in the days to come. However, If 17620 is broken then a possibility of 17500-17400 levels cannot be ruled out as panic could set in, due to intense selling pressure.

MTECHTIPS:-BANK NIFTY
The Bank nifty witnessed a negative trading session, the index dipped sharply as the banking stocks lost heavily on sustained selling after the RBI announced its annual report. Banks like SBIN, AXISBANK, ICICI BANK, YES BANK saw huge amount of selling & weakness still persists in the stocks. The bank index in yesterdays trade has broken and sustained below the crucial supports of 10200, negative signal. If the Index slips further we may soon witness further downside in the Bank index. Any dip below the levels of 10100 will be a negative signal for the index and we may soon re-test the supports of 9900. The bank nifty will now face stiff resistance above 10400 levels, and if it manages to trade above these levels we may gain witness testing of 10600 and higher levels in coming days. The bank index is in an uptrend so any move below 1000 levels will negate the trend and open up lower levels in coming sessions.

MTECHTIPS:- CNX IT The Technology index witnessed a session of profit taking, and the technology index dipped in yesterdays trade as the technology stocks witnessed some selling after strong up move in last few sessions. The levels around 6050 will act as strong support zones for the index, and if these levels are broken we may soon witness the index

testing 5950 levels also. The CNXIT if manages to break out and sustain above the 6200 levels we may witness some pull back testing the levels of 6300 in coming days, but stiff resistance is seen at current levels. And the outlook remains range bound for the day.