The persistent weakness continues on the bourses. Markets are trading flat in noon deals; the Sensex is up 31 points at 20,188 and Nifty is up 13 points at 6084.
After a negative closing last week, technical charts indicate that volatility will continue.
Ravi Nathani, technical analyst said, "markets will be highly volatile as intermediate trend is down, however in the short term, trend would be bearish only if index closes below 5930." Investors could hunt for opportunities to buy on dips and traders could place the long position with stoploss below 5930, Nathani added. Prakash Gaba, also a technical analyst said, “the market is weak and very close to the psychological support of 6000, would not be surprised if a bounce comes in."
Meanwhile, Hindalco Industries is the top loser among the Sensex stocks trading lower by nearly 3% at Rs 216, followed by DLF, RCom, Trliance Infrastructure, Maruti Suzuki and Tata Motors, while Wipro, Cipla, Tata Steel and TCS are among the gainers on the Sensex.
Buying is visible in Banking, IT and Helthcare stocks, the BSE Banking indices- Bankex is trading higher by 0.63% or 89 points at 14,254, IT and Healthcare indices are higher by half a per cent each.
BSE Realty index continues to languish the index has shed more than 2% or 73 points at 3425 followed by Consumer Durables and Oil & Gas indices.
Federal Bank, Axis Bank, ICICI Bank and HDFC Bank are gainers among the Banking stocks.
The Broader markets are in line with the benchmark indices, the Mid-cap index is down 66 points at 8365 and the Small-cap index is lower by 82 points at 10,835.
On the economic front government has anounced the WPI inflation. The inflation for the month of October eased to 8.58% compared to 8.62% in the previous month.
