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Market Report

Monday, 25-Feb-2013


  • The Sensex rose by 14.68 points, or +0.08 per cent, to close at 19,331.69 today. Throughout the session, the gauge had shuttled between 19,411.18 and 19,237.98. The index had lost over 325 points in last two sessions. Similarly, the broad-based National Stock Exchange index rose by 4.45 points, or +0.08 per cent, to close at 5,854.75 today.

  • Brokers said while market participants adopted a cautious approach before the railway and general budgets this week, some investors bought software and stocks on hopes of some sop to the sector.

  • They said a better trend in Asia and higher opening in Europe further influenced the market sentiment. In Asia, Nikkei average soared 2.4% to a 53-month high today with exporters leading gains on a weaker yen, after sources said Japan was likely to nominate Asian Development Bank President Haruhiko Kuroda, an advocate of aggressive monetary easing, as its next central bank governor.

  • European shares added to a cautious recovery from multi-month lows early today ahead of the end of voting in a closely-fought election in Italy, seen as crucial to efforts to dig the euro zone out of crisis.

  • Sensex support at 19100 crucial, says Hitendra Vasudeo. A trend-line and channel breakdown has been witnessed. Therefore, a correction of the last corresponding rally will be seen. Stochastic, which is fast to react to price has hit the oversold zone whereas the RSI exited the overbought zone and is falling. If the Stochastic exits the oversold zone, a pullback may emerge to create a lower top. A fall and close below 19100 may extend the slide towards 18534, 17972 and 17448, he warns.

  • Trade above 5875 to maintain stability, says Mitesh Thacker. It still looks like a slightly weakish market though of course we are heading into lot of events in the next couple of days, he adds.

  • Look for 5850-5950 range till Budget 2013, says Ashwani Gujral. We are finding some weak support at 5840. That support can sustain maybe till the budget. Once we start closing decisively below 5840, then the next leg of this down move will start. For the moment, we are holding this 5850-5950 type of range maybe even till the budget. Post the budget, we will see more decisive moves, he adds.

NIFTY 3-Month

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