Bajaj Hindustan midcaps underperform Sensex :

Equities continued to reel under selling pressure Monday led by losses in realty, metals and auto space. Heavy selling was seen in midcap and smallcap space. Negative opening of European markets also hurt sentiments. Benchmark indices were below crucial technical supports indicating a further correction in coming days. “The intermediate trend has turned very bearish after Nifty future closed below the psychological level of 4000. Markets are in a prolonged downtrend as this fall could lead us to 3720 in coming days. Monsoon concerns are also haunting the markets. Hence, markets are seeing a huge selling pressure build at higher level. Indian markets have corrected 15% from the recent peak of 4693 upto today’s low of 3977 but Nifty has left a huge gap after the budget results on 18 June 09 at 3670 and we believe that during this fall the gap will be filled which is a very good sign for the market. The technical oscillators are also suggesting that there could be another 7-10% fall from this point and this fall can be utilized as a buying opportunity from an investment perspective. Now the markets needs to consolidate at lower levels in the region of 3500-3700 and create a base before resuming the upside rally. Any sharp rise in the market should be used as an opportunity to exit or create fresh shorts. This trend will remain weak unless market trades below 4150-4250 and 14000-14300,” said Nirmal Bang report. At 1 pm, Bombay Stock Exchange’s Sensex was at 13279, down 225.22 points or 1.67 per cent. The index touched an intra-day low of 13219.99 and high of 13405.95. National Stock Exchange’s Nifty was at 3927.50, down 76.40 points or 1.91 per cent. The broader index touched a low of 3918.75 and high of 4003.40. Amongst the sectoral indices BSE Realty Index fell 5.23 per cent, BSE Metal Index declined 3.67 per cent and BSE Auto Index was down 3.62 per cent. BSE IT Index was up 0.95 per cent. Jaiprakash Associates (-6.90%), Mahindra & Mahindra (-5.76%) and Reliance Infrastructure(-5.68%) were amongst the Sensex losers.

For further visit as : http://economictimes.indiatimes.com/Market-Watch-Midcaps-underperform-Sensex-Bajaj-Hindustan-Gammon-fall/articleshow/4772074.cms