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Market Report

Wednesday, 13-Mar-2013

NSE

  • After losing 118 points in the last two sessions, the Sensex dropped further by 202.37 points, or -1.03 per cent to 19,362.55 led by banking and financial stocks. This is the lowest since Sensex's closing of 19,252.61 on March 6. The broad-based National Stock Exchange index Nifty fell by 62.90 points, or -1.06 per cent to end at 5,851.20 today.

  • Markets fell today on sustained profit selling as foreign brokerages including Morgan Stanley cut India's FY'14 GDP forecast, amid a weakening global trend. Market participants were cautious ahead of WPI data release tomorrow, traders said. Brokers said a weak trend in the Asian region and lower opening in Europe before the announcement of Eurozone area producton further influenced the sentiment.

  • Hopes of a rate cut by RBI on March 19 were also dimmed after better-than-expected IIP data and rising retail inflation were released yesterday. However, analysts expect core inflation to fall below 4 per cent by mid-2013 and WPI inflation below 6 per cent by mid 2013.

  • The medium term trend for Nifty looks bearish, says Gaurav Ratnaparkhi, Technical Analyst at Sharekhan Ltd. The index is forming a large Head & shoulders pattern, which is a bearish pattern and currently the right shoulder of the pattern is in formation. The Nifty can form a minor degree bounce till 5885-5910, which should be used as a fresh selling opportunity, he adds.

  • When US market tops out, downtrend in Indian market could gain traction, says Ashwani Gujral. There was large selling that was waiting to come in and now you should pretty much right off the uptrend that was there, says Gujral. It is all kind of news flow that is playing out, there are no triggers plus you have inflation that is bad. Even 25 bsp cut won't excite market, he adds.

  • Nifty may further breakdown tomorrow, says Sandeep Wagle. At lower levels buying should still emerge but as a trader for a 4-5% downside in stocks, there is still some more downside, says Wagle.

NIFTY 3-Month

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