Make or break level 12,000 on Nifty

Majority of Asian peers are trading lower and SGX Nifty is also trading in a negative zone with the loss of 35 points at 12,038 levels, hence, we expect a negative opening for Indian stock markets. For Nifty, the 12,000 mark is a very important support level and the breach of this support could lead to another 100-150 point’s correction. Make or break level is the 12,000 mark on Nifty. Telecom stocks would continue to command attentions as Bharti Airtel has paid Rs 10,000 crore, Vodafone Idea has paid just Rs 2,500 crore against its stated dues of Rs 53,000 crore.  

Majority of Asian markets were trading in red on Tuesday as Dow futures fell after the tech giant Apple surprised the stock market participants by lowering its revenue guidance amid Coronavirus crisis. Japan’s Nikkei 225 and Hong Kong’s Hang Seng plummeted 1.21 and 1.08 per cent, respectively. Meanwhile, China’s Shanghai Composite was almost flat.

Back home, bears hit a hat-trick of losses on Monday as sell-off continued in the markets for the third straight day. Markets made a positive start; however, it soon erased gains and turned volatility. At the end, Nifty slipped 0.56 per cent and BSE Sensex dropped 0.49 per cent. The broader market indices Nifty Mid-cap and Small-cap too ended lower by 0.86 and 1.28 per cent, respectively. Barring Nifty IT, all the sectoral indices ended in red. Nifty PSU Bank and Nifty Pharma were the major decliners.  

On Monday, US stock markets were closed for President’s Day. European markets eked out modest gains on Monday with the market participants cheered up by the efforts undertaken in China to support the economy as it continues to combat Coronavirus.