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Market Report

Friday, 04-Jan-2013

NSE

  • The 50-share Nifty index ended at 6013.65, up 4.15 points or +0.07 per cent. It touched a high of 6020.75 and a low of 5981.55 in trade today. The Sensex closed at 19770.40, up 5.62 points or +0.03 per cent. The index touched a high of 19797.44 and a low of 19679.99 in trade today.

  • The Nifty managed to close above the 6000 mark for the second consecutive session on Friday, on the back of some momentum in the last hour of trade across the board.

  • Global risk appetite was, however, weak. Asian and European stocks traded on a negative note.

  • Next week we should head even higher, says Mitesh Thacker. As long as Rs 5950-5925 levels are not being violated the trend remains normally on the upside. January should be a distinctively positive month and Rs 6200 call is the strike where call build up is happening so we have significant amount of upsides left so we would be trading at positive bias, he adds.

  • What significant this week is not the Nifty or the Bank Nifty but what Reliance has done, says Ashwani Gujral. Reliance after a period of two years has closed above its 200 week moving average, now that is a very significant level if you check charts of Nifty and Bank Nifty, both of them tested their 200-week moving averages when they bottomed out and then came back extremely strongly from there. So in case now Reliance starts trading above 850, then this market gets another fresh leg to stand on and basically the next 20 points are key, he explains.

  • Earning season per se will be a status quo, said Jagannadham Thunuguntla of SMC Capitals in a chat with ET NOW. I am not expecting many surprises frankly. Only thing is if the interest rate cut that happens towards the end of the month, probably that can set the tone for the better earning season for the next quarter. This earning season should be just should be a non-event, he feels.

NIFTY 3-Month

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