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Market Report

Friday, 23-Nov-2012

NSE

  • After a higher start at 18556.50 the Sensex ended the day lower by 10.77 points at 18506.57 today. The broad-based National Stock Exchange index Nifty eased by 1.15 points to close at 5626.60 after moving between gains and losses throghout the session.

  • Erasing initial gains, the Indexes closed flat today as investors turned cautious ahead of the all-party meeting on the government decision to allow foreign direct investment in retail trade. Brokers said investors remained cautious amid political logjam after Parliament adjourned for the second day, raising questions over the government plans of economic reforms. An all-party meeting has been convened on Monday to break the FDI deadlock.

  • In Asia, shares rose today and were on course for a weekly gain of more than 2.5 percent, their best in two months, after manufacturing surveys from the world's biggest economies raised hopes that the global growth outlook is improving at last. Nikkei was shut for the day.

  • European stock markets were mixed today in a day of choppy trading as European Union (EU) budget summit was set to reconvene later in the morning.

  • Don't see Nifty correcting too much from current levels, says Neeraj Deewan, Director, Quantum Securities. After seeing this correction, we are seeing a good base around 5500 where the market has a very strong support, Neeraj Deewan said.

  • The markets did not sell off too badly. It was quite volatile and I expect the volatility to remain on the Nifty, says Sajiv Dhawan of JV Capital. FIIs continue to have appetite for Indian equities. At 5.5% growth, India will still attract lot of fund flows. I would still remain a buyer on dips, he said. US economy doing better, data in line with estimates, adds Sajiv Dhawan.

  • The index remains extremely sideways. For the moment, 5650 seems to be a significant resistance, says Ashwani Gujral. Broadly 5580-5590 are the levels on Nifty which have held up today but they have not held up convincingly. So once these levels are taken out, you should see an intermediate downside, he said. Chances are that the market which has been holding on so far will see a further downside and will get to those longer terms supports of about 5400-5450 levels, he adds.

  • Nifty to remain in the range of 5670-5550, says Mitesh Thacker. We might spend the next few days in this range as we approach the November expiry. Broadly, it will be stock specific market and we will try to trade both on the long as well as on the short side.

NIFTY 3-Month

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