Indian equities on Monday (March 09) ended the day sluggishly on account of continued selling pressure, global weakness as unabated fears over further slump of US and European financial systems continued to weigh down investors response.

Realty, FMCG and realty stocks were the major losers of the day. BSE Realty, which was down by 3.21%, remained top losers among sectoral indices.

Banking, IT and FMCG stocks were down over 2%. CapitalGoods, Metal, Oil and Gas, Power and Healthcare stocks were down over 1%. Auto stocks closed on a flat note.

Mirroring the weakness exhibited by stocks from these segments, the Midcap and Smallcap barometers went down by 1.27% and 1.55% respectively.

After opening the day at 8,259.22, down 66.60 points, the Sensex marked its closure at 8,160.40 after losing 165.42 points. It also hit an intra-high of 8,259.22 and an intra-day low of 8,110.10.

In contrast, the broad-based NSE Nifty lost 47.00 points at 2,573.15 after touching an intra-day high of 2,621.25 and an intra-day low of 2,555.60.

The stock markets remained closed on Tuesday and Wednesday on account of “Id-E-Milad” and “Holi”.

While commenting on the market, Avinash Gupta, assistant vice president, research equity, Bonanza Portfolio said, “Nifty opened on a negative note at 2,620.10 and showed selling pressure throughout the day and Nifty made a low of 2,555.60. Some recovery was seen from support near 2,550 level but Nifty closed in red at 2,573.15 with 47 points loss. Volumes were lower than previous session and market breadth was highly negative with 348 advances, 842 declines and 53 shares unchanged. Nifty March future closed with 24.85 points discount at 2,548.30. Sensex closed 165.42 points down at 8,160.40 levels.”

He also said that, on Monday, selling action was witnessed across sectors and all sectors ended in red zone except Auto stocks.

Mr. Gupta advised that short term traders should keep an eye on 2,540 on downside and 2,570 on upside: and have short positions below 2,540 and long positions above 2,570.

He also said that stop loss for short positions will be futures maintaining above 2,570 and for long positions it will be futures maintaining below 2,540 expected profits of 50 points on either side.

While commenting over stock market’s technical for Thursday, Mr. Gupta said, “Nifty’s opening may depend upon Global clues. Nifty is consolidating in 2,650-2,550 range with lower volumes at lower levels. Bears having control near 2,650 levels and bulls are trying to protect 2,550 level. However, As long as Nifty trades below 2,650 level intermediate trend may remain down and very short term trend is sideways. Most of Largecaps stocks are showing selling pressure, thus making internal technical structure bearish. Selling pressure may resume, If Nifty manages to penetrate 2,550 level decisively. For Daily purpose trend deciding level is 2,550-75. If Nifty shows strength above 2,575 then we may see a rally up to 2,625/2,650. Upside crossover may take it to 2,695. On the other hand, if Nifty doesn`t sustain above 2,550, then we may see a decline to 2,525/2,495 and lower.”