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Market Report

Monday, 10-Dec-2012


  • The Sensex, which touched the day's high of 19478.01 at the outset, fell back to 19362.32 before ending slightly better at 19409.69 -- a loss of 14.41 points or -0.07% down. On similar lines, the National Stock Exchange index closed a mere 1.50 points or +0.03% higher at 5908.90 today after moving in a narrow range for a major part of the session. It touched an intraday high of 5919.95 and a low of 5888.10 today.

  • According to analysts, the Nifty is finding stiff resistance near the 6,000 level. Passage of more bills in the Parliament and positive news of the US fiscal cliff may provide triggers to the market in the near term.

  • Brokers said the trading activity was restricted as foreign investors trimmed their portfolios by booking profits in selective counters before the calendar year ends, as is normal at this time of the year. European indices were down and US futures also indicated lower opening, which also affected the market mood.

  • The Asian markets ended on a positive note and touched 16-month high as investors took heart from rising factory output growth in China and a falling unemployment rate in the United States that raised hopes about the outlook for the world's top two economies.

  • Rally in nifty may touch 6000 before the end of calendar year, says Sudip Bandyopadhyay. This is a consolidation phase so I do not think there is anything to get worried. We may see the momentum coming back in the market toward the middle of this week. On the 12th, we have the IIP numbers coming and 14th we have the inflation numbers coming. Any positive developments on those front may cheer the market, he adds.

  • Market remains in an uptrend, says Ashwani Gujral. Basically we are right now sideways, not losing too much, not gaining too much. All you need to do is just hang on and do nothing which is difficult but if that is done properly in a bull market, you end up making a lot of money without applying your brains that is the reason they say do not confuse a bull market with brains, he adds.

  • Mitesh Thacker says: I would hold on to most of the long positions and as long as Nifty remains 5840-5850, I would be comfortable adding on to long positions on individual stocks whenever they give breakouts and on the upside beyond once we start trading and beyond levels of 5950, the index could itself gain some kind of momentum.

NIFTY 3-Month

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