Markets on March 20:

The final hour of trade witnessed considerable volatility as alternate bouts of buying and
selling led the Indian indices to hover around 2800 mark. The BSE-Sensex closed with a
loss of 29 points, while the NSE-Nifty ended flat with a gain of just 2 points. Stocks from
the mid-cap space ended the day in the red. However, small-cap stocks remained in the
limelight and ended the day on a firm note. Daily chart of Nifty indicates one more day of
indecision or consolidation by its second inside bar. On hourly chart, Nifty is forming a
descending triangle, which generally breaks on the downside as per the definition. During
the course of the day the last hour rally was just a throw-over (bullish trap) and not a
genuine breakout and in the coming session Nifty will witness a downside breakout from
the descending triangle. After a long time market breadth was in the favor of the bears
with 594 declines and 591 advances.

Hourly KST is still tilted in the favor of the bears. Our short- and mid-term biases are
down for the target of 2630 and 2450 with reversal packed at 2840 and 3111.

Stocks from the metal and FMCG sectors ended the day in the green, while stocks from
the realty and capital goods space led the pack of losers. From the 30 stocks of Sensex
Hindalco (up 6%) and ONGC (up 3%) led the pack of gainers. However Tata Motors
(down 6%) and ICICI Bank (down 5%) led the pack of losers.