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Market Report

Wednesday, 31-Oct-2012

NSE

  • The 30-share Sensex, which had lost 205 points in the previous session, bounced back by 74.53 points, or +0.40% to close at 18505.38 today. The National Stock Exchange index Nifty rose by 21.80 points, or +0.39% to close at 5619.70 after touching the day's low of 5583.05 today.

  • The BSE benchmark Sensex today recovered by 75 points on emergence of value-buying in metal, auto and pharma stocks as investors judged yesterday's fall as excessive. Brokers said today's upward move was supported by recent under-performers after RBI disappointed markets by not cutting repo rate. The Indian market received further boost on firming global trend after economic data from South Korea and Taiwan signalled that the global slowdown may be easing.

  • After moving in a narrow band of 100 points from 5630 to 5730 for almost 3 weeks, the Nifty finally moved lower and closed below 5600 yesterday. According to analysts, after breaching the support of trading range yesterday, the Nifty may continue to see some more selling pressure in the short term.

  • In Asia, Japan's Nikkei share average advanced today as investors took comfort that some firms did not cut their full-year earnings guidance as feared. European shares were trading firm amid encouraging earnings from Germany's airline major Lufthansa.

  • We have bounced back smartly from the support level that is placed at 5580 in the spot market. The index moved in a 100 point band, 5580 to 5680, and till we break out 5730 on the Nifty, I don't think we will be on a one way upmove, says Sandeep Wagle, Founder & MD, APTART Technical Advisory Services.

  • Be very stock specific, no great call in Nifty as of now, says Sandeep Wagle of APTART Technical Advisory Services. One has to play in that 70-80 point band, he adds.

  • Market range shifted on the downside, will go through some consolidation, according to Mitesh Thacker. I still expect the intraday volatility to be high, adds Thacker.

NIFTY 3-Month

(Data/Charts courtesy NSEI/Yahoo!/iCharts/The Economic Times)