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Market Report

Wednesday, 09-Jan-2013

NSE

  • The 50-share index ended at 5971.50, down 30.20 points or -0.50 per cent. It touched a high of 6020.10 and a low of 5958.45 in trade today. The Sensex closed at 19666.59, down 75.93 points or -0.38 per cent. The index touched a high of 19824.06 and a low of 19627.16 in trade today.

  • The Nifty failed to hold on to intraday gains in the last half an hour of trade and closed in the red. Markets were volatile ahead of the results season and ended in the negative zone after changing direction several times. However, volumes have been very good in the last few sessions.

  • In Asia, markets went up as earnings season got off to a positive start in the US, with US aluminum major Alcoa Inc.'s Q4 December 2012 sales surpassing market expectations.

  • Expect market to go up ahead of Budget, says Mehraboon Irani of Nirmal Bang Securities. I am very positive, but somewhere along the line the market is going up only on expectations, Irani said.

  • Markets to retract to December levels, says Mitesh Thacker. Till a decisive breakout on any direction happens, we are in possibly for a more of sideways consolidation as against the expectation of a market which might move up in January, he adds.

  • The lack of leadership at key levels is going to lead the market down, says Ashwani Gujral. We might go for some correction -- may be to 5800-5850. Yesterday's low of 5965 is also a previous intermediate high becomes a decent stop loss till that has held on. Take long positions and hope for it to work out, he adds.

  • It is just a pullback rally for the last four or five weeks, says Anil Singhvi, Chairman, Ican Investment Advisors in an interview with ET Now. Looking at the broader economy and the corporate working and corporate earnings, I do not think the Nifty may touch 7000 or 7500 in near term. I think we are heading for a huge correction in the months to come, he warns.

NIFTY 3-Month

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