Pre Open Thoughts: Testing Times Ahead!!

Pre Open Thoughts: Testing Times Ahead!!

Ø No one can build his security upon the nobleness of another person. The intentions of the Government may be noble but nothing seems to be happening really. Things have turned a little sour for Indian equity markets in March. Key indices on a mostly downward spiral.

Ø The Nifty has been tumbling and is currently placed at 5381, The support zone of 5320-5300 remains a critical point; below this the slide could get accentuated. In the near-term, all eyes are likely to be on the 5300 level. The upside, if any is expected to be capped between 5500-5600. Whether it re-tests the recent lows of 5000 in the short-term is anybody's guess.

Ø We expect a positive opening for Indian indices. The focus will continue to be on important events that are lined up over the next few weeks some of which are expected to have a major bearing on the market.

Ø Volatility has been high and is likely to stay that way for a while. In case of a deeper fall, one may selectively go for cherry picking in quality stocks for a medium- to long-term. Hopefully, pending reforms on this front will be expedited.

Ø The FIIs were net sellers of Rs1.26 bn in the cash segment on Thursday while the domestic institutional investors (DIIs) were also net sellers at Rs 99.9mn, as per the provisional figures released by the NSE.