Mumbai: The market has closed on a flat note with Nifty below the 6100-mark. The Nifty ended up 9.25 points at 6062.70 while the Sensex was up 29.10 points at 20363.37.
About 1259 shares advanced, 1357 shares declined, and 134 shares were unchanged. Tata group stocks were on buyers' radar with Tata Motors and Tata Steel gaining 2-3 percent. IT stocks were also in focus on Nasscom's bullish FY15 guidance.
ONGC, HDFC and ICICI Bank were other gainers in the Sensex. NTPC, Hindalco, Reliance, Hero Motocorp and Maruti Suzuki dragged during the day. Rail-related stocks were in focus ahead of Railway mini-Budget to be presented in the Parliament on Wednesday.
Gautam Shah, Associate Director and Technical Analyst, JM Financial feels the Nifty will broadly trade in the range of 5950-6350. However, he adds that the near term trend looks weak. At worse, he feels Nifty may hit 5700 levels in the near-term.
He further forecasts a weakness in Bank Nifty, and says it could head lower to 9100-9200 from current 10282. Public sector banks like Bank of Baroda, Bank of India and State Bank of India can lose another 10-15 percent. He expects Dow Jones to move lower to 14500-14700 levels in the near-term and forecasts a 8-10 percent drop in S&P 500.
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