Mid Market Report, February 6, 2014 | Stocks and Commodities

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February 6, 2014
Time: 12.45

Mid Market Report:

1. There was a huge basket selling at about 10.20 am and in ten minutes Nifty future has fallen by more than 90 points.
2. This shows that FII selling is not yet over.
3. Though their selling will be mostly in IT stocks where they have huge profit, it affects the overall sentiment.
4. Despite good show by Tech M and Cognizant, IT sector keeps falling.
5. Bank of Baroda has declared results which are in line with market expectation.
6. City Union Bank also declared good results.
7. Europe is likely to open marginally higher.
8. US futures are also trading slightly higher.
9. Today once again Nifty has taken support at 200 DMA.
10. But closing near 200 DMA is always dangerous as any negative news can trigger a big fall.
11. Now Nifty future is trading around 6000, which should close above 6020 in order to be positive about the markets.