Reacting from 61.

8%

Markets on February 12: Hourly average broken

Reflecting the global counterparts, the Indian indices began the day on a weak note. After
a brief rise towards noon, persistent selling activity led the indices to fall steadily and end
the day well in the red. Finally Sensex and Nifty lower by 152 and 32 points respectively.
Stocks from the mid-cap and small-cap indices ended marginally higher. However, stocks
from the mid-cap and small-cap indices ended the day marginally in the green. On daily
chart, Nifty has reacted in the southward direction from the resistance of 61.8% (of the
entire fall from 3141 up to 2661). On downside a ray of hope is intact at 2877 (40-daily
exponential moving average), once Nifty closes below that it can slide all the way up to
2775. On hourly chart, Nifty has closed below 20-hourly simple moving average, but still
it has not given a breakout from the descending triangle. Daily KST is slowing around the
zero line. Market breadth was marginally in the favor of the bulls.

On hourly chart, the momentum indicator KST has gone below the zero line. Our short-
term bias is revised down for the target of 2775 with reversal packed at 2960. However
our mid-term bias is still down for the target of 2450 with reversal packed 3111.

Stocks from the realty and auto sectors led the gainers, while IT and energy stocks led the
pack of losers. From the 30 stocks of Sensex M & M (up 7%) and DLF (up 4%). On the
other hand Jaiprakash associates (down 5%), Ranbaxy (down 4%) and Bharti Airtel
(down 3.5%) lead the pack of losers.