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Market Report

Monday, 26-Nov-2012

NSE

  • The Sensex, which had lost nearly 11 points in the previous session, rose 30.44 points or +0.16% to 18537.01 led by stocks of software exporting companies on weakening rupee. The broad-based National Stock Exchange index Nifty rose by 9.30 points or +0.17% to end at 5635.90 today.

  • The markets ended a volatile day of trade today gaining slightly in cautious trade amid all-party meet on government's move to push through economic reforms, especially FDI in multi-brand retail and weak markets globally. Marketmen said the gains were also restricted on weakening trend in the global markets amid plans to finalise a bailout deal for Greece and budgetary impasse in the US.

  • Brokers said trading volumes declined as investors remained cautious. Experts feel that the market will remain volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month November 2012 series to December 2012 series.

  • Nifty-5650 needs to be sustain on the upside for any futher momentum to be seen. Any break above its crucial resistance zone of 5650-5670 will see 5750 being touched, say experts.

  • Meanwhile, Asian markets ended mixed and investors hoped that Greece can avoid a near-term bankruptcy.

  • Markets to be within 5550-5670 levels for next few days, says Mitesh Thacker. In the short term after falling from levels of 5750-5550, it seems that the oversold bounce back is done with and we are possibly getting into consolidation, he adds.

  • Indian markets will be range-bound this week even as the government struggles to get the Opposition on board for its broad spectrum of reforms, reports ETNow. The market may remain volatile as traders roll over positions in the F&O segment and also, it is a truncated trading week. Investors will closely track the winter session of Parliament for fresh triggers. Retail participants are confused about the market trend. It seems that in the near term the trend remains bullish as the Nifty is taking support of trend line and indicators and oscillators have moved into over-sold zone, suggesting the positive move could be expected up to 5720-5750 levels in the short term. Market sentiment is also boosted by data showing that FIIs remained net buyers of Indian stocks in November 2012. Global markets will be driven by eurozone policymakers' efforts to resolve Greece's long-running debt malaise, it adds.

NIFTY 3-Month

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