Market Outlook: Sensex And Nify Slipped Into Red

After making a positive start Indian market  have pared all their gains and were trading in red.

The Nifty and the Sensex slipped into the red after opening marginally in the green, circumspect ahead of derivatives expiry of the February series and the Railway Budget.

The Nifty opened 12 points up at 8,779, while the Sensex opened 44 points up at 29,052

At 9.36 a.m., the 30-share BSE index Sensex was trading lower by 57.74 points or 0.2 per cent at 28,950.25 and the 50-share NSE index was trading down by 18.7 points or 0.21 per cent at 8,748.55.

The S&P BSE Midcap Index was down 0.02 per cent and BSE S&P Smallcap Index edged higher by 0.06 per cent.
 

Barring oil & gas and metal, all other BSE sectoral indices were trading in the red. Among them, healthcare index fell the most by 0.91 per cent, followed by auto 0.65 per cent, FMCG 0.58 per cent and IT 0.5 per cent, while oil & gas index was up 0.08 per cent and metal 0.07 per cent.

Major Sensex gainers were SSLT 1.8%, HDFC 1.22%, Bharti Airtel 0.83%, ITC 0.61% and ONGC 0.49%, while the top five losers were Bajaj Auto 1.88%, Sun Pharma 1.76%, Hindalco 1.6%, Infosys 1.34% and Dr Reddy's 1.13%.

Rail stocks were trading mixed ahead of the Railway Budget announcement. Texmaco was down 2.23% at Rs. 136.10, Titagarh Wagons was up 1.92% at Rs. 590.30, Kalindee Rail Nirman down 2.34% at Rs. 137.50, BEML up 1.56% at Rs. 995.50 and Concor up 1.68% at Rs. 1,600.

Markets are likely to remain volatile as traders roll over positions in the futures & options segment from February 2015 series to March 2015 series.
Apart from F&O expiry, participants would also eye announcements in Rail Budget 2015-16 which would be tabled in Parliament .

If Nifty goes below 8700 then be a short seller and if it goes above 8900 then buy the market, market supported for Nifty is at 8730 with immediate resistance 8821 - 9000