Nifty Witnessed Profit Booking, Key Support Level At 12046

Stock Market Today by Shailesh Saraf – 14th February 2020

Nifty witnessed profit booking, key support level at 12046. Indian Markets closed at a low staple yesterday, snapping the winning run of the last two consecutive sessions on account of weak domestic and global cues. Earlier, Nifty showed a strong upside movement, after correction. Recently, Nifty has given a rally of 617 points from its low of 11615 and made a high of 12232 on 12th Feb 2020, thereafter gave a correction of 92 points yesterday. We expect Nifty to continue its buy trend and any correction in the market will be an opportunity to buy.

The rating agency S&P Global reaffirmed India's long-term rating at 'BBB', saying it believes the country is experiencing a cyclical, rather than a structural, economic slowdown.

The Small Cap Index also rallied 285 points from its low of 5985, made a high of 6269 and thereafter corrected by 97 points. For Small Cap 6080 may act as support for the Index, while on the higher side the target for Small Cap is at 6400.

The major players of the market FII & PRO are in buy-bias mode. So we suggest the investors to hold their buy position and continue to buy at lower levels if market corrects further.

US Markets showed resistance to its record. The S&P 500 has lost 5 points, or 0.16%, to close at 3374.

Sector Performance

In weekly performance, Pharma and Textiles and Apparel outperformed with 3.03% and 2.08% in Major Sectors. As far as Minor Sectors are concerned, Construction Supplies & Fixtures is leading this week with 12.06% change, followed by Films, which gained 6.30%.

Our readers can regularly check the performing sectors through our app Value Stocks in Sector Analysis section.

US DATA

The US 10 Year T-Note is trading at 130.84. The Bond has crucial support at 117.42 made on 5th Nov 2018. The US Dollar Index is trading at 99.028.

Sector performance as on 13th Feb

Sector performance as on 13th Feb

Minor Sector performance as on 13th Feb

Minor Sector performance as on 13th Feb

Small cap companies performance as 13th Feb

Small cap companies performance as 13th Feb

Large Cap Gainers & Losers as on 13th Feb

Large Cap Gainers & Losers as on 13th Feb

Mid Cap Gainers & Losers as on 13th Feb

Mid Cap Gainers & Losers as on 13th Feb

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