Mr Vishal Wagh, Research Head, BONANZA PORTFOLIO LTD
"The market opened with a flattish note and tried to build momentum but due to lack of buying power of Bulls, the Bear managed to steal the show. Since budget sell-off, Bulls managed to retrace 75% of the correction but they failed to continue. Heavyweight like ITC, ONGC, HDFC remained major draggers, whereas, IT stocks like TCS, INFY, WIPRO tried to manage index with the help of private banks like Kotak and Axis. India VIX surged by more than 6%, it shows that in the coming few days volatility is going to increase. Midcap and Smallcap have underperformed Nifty. All sector indices got beaten down, lead by PSU Banks, Realty, and Pharma. Now going forward, if major support of 11,990 gets broken Nifty will recheck the gap area of 11,750 to 11,783 and the level of 12,160 will be resistance zone."