After opening positive on the back of healthy cues from Asian markets, the Indian stock market continued to slip right till the final hour of the trade on extensive profit booking. The Sensex lost 77 points while Nifty ended 51 points lower. Mid-cap and small-cap stocks also ended the day on a feeble note. Nifty today tried to knock the hurdle of the 40-hourly exponential moving average, which did not materialise. However the support of 20-hourly simple moving average continued. So the outlook remains bullish with support around 4200. The overall advance to decline ratio was positive on the NSE with 662 advances and 595 declines.
Our short-term bias is up for the target of 4450 with the reversal pegged at 4100. However, our mid-term bias is down for the target of 3870 with the reversal placed at 4700.
Barring select stocks from banking and realty space, selling was witnessed across sectors with auto and oil & gas stocks taking the lead. From the 30 stocks of the Sensex, HDFC (up 3%) and Jaiprakash Associates (up 2%) led the pack of gainers, while Tata Motors (down 5%), Maruti Suzuki India (down 3%) and Mahindra & Mahindra (down 3%) were hit the most.