It was another weak session on Dalal street and there is a sharp profit booking in the market after Nifty hits an all-time high of 11430 where DIIs are in selling mode whereas FIIs are creating short positions in F&O market. Indian markets are underperforming because Asian markets were doing well today whereas the European markets are also trading with positive bias.
The energy sector was key laggard under the leadership of OIL ltd and ONGC while IT and media sectors manage to outperform. Cement and Fertilizer stocks are doing well despite weakness in the market and they may continue to do well ahead of budget.
Asian paints posted a good set of results while Axis Bank and L&T will come out with their numbers after market hours. PVR, Canara Bank, and Cholamandalam finance will post their Q3 results tomorrow.
Technically, the bullish texture of the market has disturbed but bulls still have hope in 12100-12025 zone to come back. If Nifty manages to hold this zone then we can expect a pullback where 12225-12300 will be immediate supply zone while if Nifty slips below 12100-12025 zone then it may head towards 11850/11700 levels.