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Market Report

Thursday, 22-Nov-2012


  • The 30-share BSE barometer Sensex rose by 56.96 points, or +0.31% to settle at 18517.34 points as an attempt by former UPA ally Trinamool Congress to bring a no-confidence motion against the government over FDI in retail failed in the Lok Sabha. The broad-based National Stock Exchange index Nifty also rose by 12.95 points or +0.23% to close at 5627.75 points today.

  • The Sensex rose for the second straight day today after positive signs that the government might push through its economic reforms to boost economic growth. The Sensex had gained 131 points in the previous session.

  • The government is reaching out to other political parties to secure backing for reforms in the winter parliamentary session that begins today, including plans to boost FDI in insurance and pension sectors.

  • The upsurge was also supported on firming Asian trend on signs the US jobs market is stabilising and Chinese manufacturing is recovering. European stocks rose ahead of EU summit to solve debt crisis.

  • Advisable to wait & watch for Parliament session, says Ambareesh Baliga. At least for the next few days, we would be in this range of 5550 to 5650 which I would call a 'no trade zone'. It is still better to stay out, he says.

  • Nifty may test the levels of 5670-5675, says Mitesh Thacker. If that is being crossed, a rally to about 5710-5720 seems likely, adds Thacker.

  • Market will finally resolve on the upside, as per Ashwani Gujral. Today the market is looking a bit better than yesterday. Everybody seems to now expect a washout of the Parliament session. The key here is that if parliament continues to get disturbed probably the market will not go down a whole lot. But if something surprising happens and suddenly things start getting resolved, then you could have some decent upside. So a lot of negativity is priced in and chances are that while we may have volatility, the market will finally resolve on the upside, he explains.

NIFTY 3-Month

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