The new week has begun on a negative note as Nifty slipped below 5800 on Monday. It’s a short
week as we have trading only for three sessions and that may have been the reason for lackluster performance on Monday. The volumes were also on the lower side. Crude continued to trend northwards while IIP data for Feb’2011 too failed to provide any positive surprises. Wednesday also might see a repeat of Monday as markets are again shut for trade on Thursday and on Friday trade opens just as Infosys kicks off Q-4 results season. So, we might continue to slide on account of profit taking. Nifty has support around 5750 but that might just be broken and we might see levels of around 5700. Most of the sectors are witnessing correction but one needs to watch out for IT and Banking sectors as these two could bottom out soon. TCS has support around 1045-50 while Infosys is trading just around its short term support.
Similarly ICICI bank has support around 1075-80 while Axis could find immediate support around 1370-85. Auto counters did see relatively sharp correction on Monday and this trend might continue. Here, early support is likely for Bajaj Auto and Hero Honda while some more correction is likely for 4-wheelers. Nifty has support around 5745-50 and then around 5685-5700 while resistance is likely around 5835-50.
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