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Market Report

Tuesday, 18-Sept-2012

NSE

  • Today, the 30-share BSE index Sensex finally closed at 18496.01, down 46.30 points or -0.25 per cent. In the previous nine days, Sensex rose over 1200 points to levels last seen in July, 2011. The 50-share NSE index Nifty also fell by 9.95 points, or -0.18 per cent, to close at 5600.05, after touching a high of 5620.55.

  • Snapping the nine-day winning trend, the Sensex today closed at sub 18500-level, with investors adopting caution after recent gains amid retail inflation data touching double-digits. The Nifty, however, managed to hold 5600-level. Traders said, activity remain subdued today ahead of market holiday on account of Ganesh Chaturthi tomorrow.

  • Globally, France's CAC, Germany's DAX and the UK's FTSE were down by up to 1 per cent in afternoon deals. Most Asian markets also ended lower.

  • Nifty saw another day of consolidation around the mark of 5600. Risk-reward for the longs have been diminishing with exhaustion possible in the band of 5680-5700 and downside open for 5450, says Shubham Agarwal of Motilal Oswal Securities, speaking on Nifty's future outlook.

  • Market may see profit taking in the next few days. Hopefully, there will be more follow-up positive announcements from the government to help sustain this rally further, says Krishna Kumar Karwa, of Emkay Global.

  • We see Nifty trading between 5500-6000 levels for 2-3 months, says Deven Choksey of KR Choksey Securities. But there are lots of headwinds still ahead of us. Particularly, we have to settle down a lot on the political logjam that we have. As of now, the market has the potential to go up. It could possibly go up closer to 5800-6000 levels for sure, he adds.

  • Current market rally will continue for some more time: The events of the last few days are obviously positive for the markets, even though they don't change anything fundamentally, they will help revive the animal spirit of the investing class, says Manishi Raychaudhuri of BNP Paribas Securities.

  • Markets expected to be 10-15 per cent higher after one year. If the reform momentum continues and there is a steady flow of capital into India, a 50 or even a 100 bps cut may be initiated to support the growth momentum, says Tarun Kataria of Religare Capital Markets.

NIFTY 3-Month