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Market Report

Thursday, 21-Mar-2013

NSE

  • Falling for the fifth straight day, the Sensex pared over 200-point intraday gains and fell by 91.32 points, or -0.48 per cent, to 18,792.87 today, its lowest level since November 26, 2012. The index had lost 686 points in last four sessions. The broad-based National Stock Exchange index Nifty fell by 35.65 points, or -0.63 per cent, to close at 5,658.75 today led by stocks of realty, power and capital goods.

  • Brokers said trading sentiment turned bearish ever since DMK withdrew its support to the ruling UPA government, raising concerns that economic reforms pace might get derailed. They said a mixed trend in the Asian region and lower opening in Europe on deepening euro zone debt crisis further influenced the market sentiment.

  • In the global front, Asian shares ended mixed and the dollar steadied, as a pick-up in Chinese factory activity and a commitment by the U.S. Federal Reserve to its aggressive stimulus stance soothed sentiment. European stocks were trading lower and the euro dipped on Thursday because of concerns over Cyprus.

  • 5550 is the next target on Nifty, says Sandeep Wagle. We have closed below the prior swing low of 5670-5680 which has not happened in the past. There was some hope that this will hold and the markets will bounce back but that has been thrashed down, the next target is 5550 which is the weekly support and I have serious doubts whether even that will hold, adds Wagle.

  • Markets are in a choppy phase, says Ashwani Gujral. We need some kind of a rally but overall view remains that we are in some kind of a bear market and rallies can be sharp, says Gujral. Just stay out till the market bottoms out if you just want to play the buy side. On the sell side, try to be on the short side and that is what will work in this market, he adds.

NIFTY 3-Month

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