Intraday Trend-22/05/2013

Markets showed correction for the second consecutive session and settled in red territory closing around its support level. Nifty future on daily charts if holds below the 23.6% retracement of 6060 in the coming sessions then bears may further drag it towards the deeper support of 5990. Any reversals may occur in the range of 6100-6070. Overall, market is now in corrective phase.

TREND: SIDEWAYS

SUPPORT : 6070 & 6020

RESISTANCE: 6155 & 6200

Major Market News:

  • BSE Sensex sheds 112 as share sales, Fed meet weigh.
  • Voltas Q4 profit plunges 91.4%.
  • Coal India climbs as Q4 profit surges 89.7%.
  • SREI Infra Finance climbs as Q4 profit jumps 5.24 times.
  •  LIC India sells 2.53% stake in Maruti Suzuki.
  • Tata Steel may sell part of Corus assets to pare debt.

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