2013-03-01

                                                        MARKET WRAP

Sensex nosedives 1.52%@18,861.54 pts; Nifty tumbled 1.79%@5,693.05 pts.

European major indices FTSE, CAC and DAX was up from 0.27% to 0.49%;

NASDAQ was up by 1.04% while Dow Jones Ind. Avg. was up by 1.26%.

Sensex dropped 290.87@18,861.54; Nifty dropped 103.85pts@5,693.050. Today Market nosedives to a three month low after a disappointing union budget including new taxes on the rich and large companies. Shares of SBI, PNB, Axis Bank, Bank of Baroda and ICICI Bank fell between 4-6 %, Reliance Infra fell 9.3%, Reliance Comm fell 11.8%.



NIFTY OUTLOOK

Trend: - BEARISH

Resistance: - 5750, 5820

Support: - 5640, 5570

Strategy: - Sell on High

BANK NIFTY OUTLOOK

Trend: - BEARISH

Resistance: -11650, 11800

Support: -11320, 11190

Strategy: - Sell on High

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