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Market Report

Monday, 24-Dec-2012

NSE

  • Markets pared most of the day's gains as investors booked profits at higher levels ahead of the Christmas holiday tomorrow and expiry of December derivative contracts on Thursday.

  • After trading in a tight 110-point range, the Sensex closed 13.09 points higher or +0.07% at 19255.09 today. The broad-based National Stock Exchange index Nifty advanced by 8.05 points or +0.14% to close at 5855.75 today.

  • Brokers said trading volumes declined as investors turned cautious ahead of the market holiday tomorrow on account of Christmas. Investors also remained cautious ... as they took to profit-booking in some of the major stocks which kept pressure on the upside.

  • European and Asian indices were mixed and did not provide any concrete cues for domestic market.

  • Wait for the trend to clarify itself, says Mitesh Thacker. 5780-5750 is the best level as of now but broadly the trend remains on the upside and you might get these kind of jerks on the downside if there is some bad news happening. The trading activity is at the lowest. We are still waiting for suggest some kind of signals of up side breakout. We are waiting for the index to come below 5780-5750, he adds.

  • Going short is not adviced in any case, warns Ashwani Gujral. It seems like a good slow market if you want to build a portfolio of strong stocks. It need to be used as a opportunity rather than trying to short.

NIFTY 3-Month

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