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Market Report

Wednesday, 06-Feb-2013

NSE

  • Continuing its losing trend for the fifth consecutive day, the Sensex today fell by 20.10 points, or -0.10 per cent, to 19,639.72 today. The gauge had lost 345 points in last four trading sessions. However, the wide-based National Stock Exchange index Nifty edged up by 2.30 points, or +0.04 per cent, to 5,959.20 today, after touching a high of 5,990.90 in intraday.

  • The markets were so flat that the Sensex ended in red while the Nifty was in green at the end. Brokers said the market remained volatile during the session as firming global trend and selective buying in cement and information technologies companies saved the market from any major fall. FII investment was intact (See our 'Market Statistics' file). Domestic institutions selling is pulling down the market since the last 4 days.

  • Possibility of breakdown in Nifty, says Mitesh Thacker. We have had a bounce back but honestly the bounce back looks very weak. Nifty hardly managed to get pass 6000 after bouncing back from levels of 5950. More worrying is the fact that the Bank Nifty has kind of started to confirm the breakdown and my sense is that therefore it points towards the strong possibility of breakdown happening in the Nifty as well. In the next two to three sessions I would expect the Nifty to have close below 5930 and complete some kind of breakdown for another 120-140 point kind of correction in the index, he adds.

  • Nifty failed to hold it higher, says Sandeep Wagle. I am little disappointed with the way the Nifty has failed to hold at higher level of 6020-6030. 12,250 or so which is another 200 points lower for the Feb series is what is the next likely target for the Bank Nifty and in that case 5800-5780 level for the Nifty is quite likely. Now let us wait for that 5950 to be broken on a closing basis and then every rally, every up-move you can go short for a 100-150-180 point downside target on the Nifty.

  • Expect markets to go up post Budget, says Sandeep Bhatia of Kotak Institutional Equities. The big fundamental trigger is the budget. At least that gives us an inkling of what the government wants to do. I expect a decent budget, it will be a fiscal deficit of sub 5%, and there would be rise in taxes, he adds.

  • Goldman Sachs has maintained 'overweight' rating on the Indian markets, supported by better earnings growth, reform push by the government and revival in global economy. For the year 2013, Goldman Sachs expects acceleration in earnings growth to 11 per cent, which will drive up the Indian equities. "We peg the Nifty target at 7,000, which represents over 16 per cent upside from the current levels," Goldman Sachs said in a note, reports ETNow.

NIFTY 3-Month

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