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Market Report

Monday, 18-Feb-2013


  • The Sensex rose by 32.93 points, or +0.17 per cent, to close at 19,501.08 today. The gauge had touched the day's high of 19,554.48 at the outset. The index had declined 140 points in last two sessions. Similarly, the broad-based National Stock Exchange index Nifty advanced 10.80 points, or +0.18 per cent to close at 5,898.20 today, after touching a high of 5,911.00 in intraday.

  • The Nifty could not hold the 5900 level at closing due to late selling, even after maintaining that level for most of the day. Brokers said investors remained cautious ahead of the union budget this month-end and reduced their positions to pick fundamentally strong stocks in realty and heavy machinery sectors. They said a weak ending in Asian region and lower opening in Europe capped the gains to some extent. However, Japan's Nikkei share average jumped 2.1% today.

  • Nifty may consolidate in near term, says Mitesh Thacker. Even if you have a upside break we might not start a new trend and we might just kind of shift the range a bit upwards to about levels of 6020, says Thacker.

  • Wait for budget before taking any directional calls, says Ashwani Gujral. We could do 20-30 points till about 5920-5930 but overall the view is that we will slowly drift and drift towards 5850, adds Gujral.

  • Market is likely to remain range-bound till budget, says Sonam Udasi of IDBI Capital. There are two clear divisions of thought processes going on. So it is likely to be very range-bound and tight till the budget, adds Udasi.

  • Political developments post budget will be more critical for market, says Jigar Shah of Kimeng Securities. The budget cannot be very game changing, because the government has very limited resources to bring any kind of positive surprise. So, what happens after the budget in terms of political developments will be a more critical thing to watch out than anything else, he explains.

NIFTY 3-Month

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