The key benchmark indices closed negative in the second consecutive week due to selling by FIIs in the Indian equity markets. IT stocks were beaten more and BSE IT index closed more than 3% down. Buying support witnessed in Pharma, Metal and Auto stocks. Going ahead, the last batch of Q3 December 2013 corporate earnings, macroeconomic data, trend in investment by foreign institutional investors, trend in global markets, trend in other global emerging markets and the movement of rupee against the dollar will dictate the near term movement.
Techno- Funda Recommendation
As the prevailing trend of the benchmark index, Nifty, is down in technical trend sheet of our daily newsletter, we are not initiating any fresh recommendation this week. For the pending recommendation, we have updated all the relevant information.