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Market Report

Tuesday, 11-Dec-2012

NSE

  • A spate of profit-booking in counters that have recently run up kept the 30-share Sensex in negative terrain thereon and the index closed at 19387.14 -- a drop of 22.55 points or -0.12% over yesterday, extending losses for the third straight day. The National Stock Exchange index Nifty declined 10.10 points or -0.17% to close at 5898.80 today. It touched a high of 5965.15 intra-day.

  • The Sensex, which had lost 77 points in last two sessions, went up by 202 points in initial trades to touch a 23-month high of 19612.18 on solid buying.

  • Brokers said the trading sentiment dampened on renewed concerns about current account deficit after trade deficit came at USD 19.28 billion in November. Investors refrained from creating fresh positions ahead of the IIP data due Wednesday and WPI data later this week, they added.

  • Most analysts are of the view that the 50-share Nifty index is on course to hit the levels of 6000 and any decline in the course should be used to accumulate stocks or enter markets.

  • Globally, stock markets were trading mixed ahead of the US Fed policy meeting and reports of some progress on the US budget talks. Major European shares indices rebounded after a weak start weighed down by selling pressure in bank shares.

  • Today, the markets moved in a sideways manner. However, nothing has changed. The uptrend in the market is still intact, said Ashwani Gujral in an interview with ET Now. One of these days whenever we break out of this range, we will be at 6150 on the Nifty, he added. Gujral is of the view that once 6000 gets taken out, given the call open interest, the market will probably not stop for the next 150 points.

  • Market may become choppy and less interesting for the next few days, says Mitesh Thacker. 5850 is the first level and possibly even 5780 could be tested. Unless and until we have another buy signal on the intraday charts which suggests that we will now eventually start getting above 5950 levels, I would just wait and watch, he adds.

NIFTY 3-Month

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