Nifty may trade between 6090-6200: Magnum Equity Broking

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Magnum Equity Broking’s Fundamental Report:

Indian market fell for a sixth consecutive session on Tuesday as rate sensitive stocks such as HDFC Bank continued to tumble a day before the Reserve Bank of India is widely expected to raise interest rates at its policy review.

The benchmark BSE index fell 0.23 percent, or 47.38 points, to end at 20,612.14, its lowest close since November 28 after earlier gaining as much as 0.6 percent during the day. The BSE index is now 4.1 percent away from the record high. The broader NSE index ended 0.25 percent lower, or 15.65 points, to end at 6,139.05.

European equities closed lower on Tuesday as investors looked ahead to the US Federal Reserve’s last policy meeting of the year. US stocks closed slightly lower on Tuesday with investors reluctant to make decisive moves a day before hearing whether the Federal Reserve will begin curbing its monthly asset purchases in 2013.

Global cues are varied today, with them SGX Nifty is showing 15 points up move in morning trade indicating that Indian market may open little positive today and Nifty is expected to trade between 6200 and 6090 with sideways biasness. However any unexpected move by RBI today may propel markets either side.

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