Time-wise correction continues

Domestic market ended lower in line with the global trend, declining for the third straight day. The Sensex fell 137.10 points, or 0.40 per cent, to settle at 34,046.94 and the Nifty shed 34.50 points, or 0.33 per cent, to 10,458.35.

The market will be closed today on account of Holi.

 Technical view

Sameet Chavan, chief analyst-technical & derivatives, Angel Broking, said: “For the last three days, our markets remained under pressure and have come off a bit after retesting at the higher boundary of 10,640. More importantly, the final hour selloff does not bode well for the bulls. Having said that, although, directionally we are still in a ‘sell on rise’ market, currently they are undergoing a time-wise corrective phase. Hence, unless we do not see a decisive break down below 10400, it is very difficult to expect resumption of a downward move.

Market view

Karthikraj Lakshmanan, senior fund manager-equities, BNP Paribas Mutual Fund, said: “Benchmark equity indices traded in a tight range.. While stronger-than-expected economic growth in the third quarter supported indices, a slump in global sentiment following fears of faster rate hikes in the US put selling pressure on equities.

—Ashwin Punnen

Columnist: 
Ashwin J Punnen