MARKET WRAP
Sensex nosedives 1.52%@18,861.54 pts; Nifty tumbled 1.79%@5,693.05 pts.
European major indices FTSE, CAC and DAX was up from 0.27% to 0.49%;
NASDAQ was up by 1.04% while Dow Jones Ind. Avg. was up by 1.26%.
Sensex dropped 290.87@18,861.54; Nifty dropped 103.85pts@5,693.050. Today Market nosedives to a three month low after a disappointing union budget including new taxes on the rich and large companies. Shares of SBI, PNB, Axis Bank, Bank of Baroda and ICICI Bank fell between 4-6 %, Reliance Infra fell 9.3%, Reliance Comm fell 11.8%.
NIFTY OUTLOOK
Trend: - BEARISH
Resistance: - 5750, 5820
Support: - 5640, 5570
Strategy: - Sell on High
BANK NIFTY OUTLOOK
Trend: - BEARISH
Resistance: -11650, 11800
Support: -11320, 11190
Strategy: - Sell on High
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