Mid Market Report, February 26, 2016 | Stocks and Commodities

February 26, 2016
Time: 12.15 pm

Mid Market Report:

1. Markets opened in line with global markets but sold into immediately.
2. Now Nifty is trading just 15 to 20 points higher.
3. Nifty future is almost flat, yesterday Nifty future closed at 7016, now it is trading around the same level.
4. India specific under performance will continue until budget out come is known.
5. Banks are out performing for the first time in the last many days.
6. But ICICI bank hit fresh 52 week low.
7. Maruti and Cement stocks also hit fresh 52 week lows.
8. Europe is likely to open half a percent higher, tracking the US markets.
9. So if any recovery around that time, between 1.30 pm and 2 pm, may also be sold into.
10. There may be some sharp move towards the end of the day, probably on the higher side if markets are weak until then.
11. Anyway Nifty future 7080 seems to be the cap today.
12. Further short covering will happen only if Nifty future crosses today's high of 7087.
13. But that chance is very low as of now.
14. But anything can happen in this volatile market.
15. Let us hope Nifty cash does not break yesterday's close of 6970.
16. If that happens, the markets will become more bearish again.
17. Since our markets have fallen for three days in a row, that too more than 250 points fall in Nifty, the chances of today markets closing in Red is also very less.
18. But again as I said earlier, anything can happen.
19. There is just only 20 points to break yesterday's close.
20. Stockwise, there is no leadership in any of the key stocks.