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Markets end in marginal red on expiry day

, March 29, 2012, 0 Comments

Market closed in negative on the last day of March expiry. After opening gap down it traded most of the day in red trying to recover at the end but could not recoup fully. NIFTY closed at 5178 down 15 points and Sensex lost 63 points to close at 17059.

In the month of march market has lost 5% month on month basis. Investor and traders are quite nervous about the some of the budgetary proposal to tax foreign investment and that has created a sense of uneasiness. Liquid names such as Reliance Industries, ICICI Bank, SBI and BHEL lost quite bit of ground in the month of March. Retail participation is quite low and institutional activity is restricted to certain counter making it very choppy to trade.

NIFTY able to hold crucial technical level of 5152 which is 200 DMA and closed at 5178. Bulls were down but not out. Expert believe that NIFTY should hold 5000 on the down side failing which it may resume its further downturn.

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