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Market Report

Monday, 25-Mar-2013

NSE

  • Erasing initial gains, the 30-stock index fell for the seventh straight session by losing 54.18 points, or -0.29 per cent to 18,681.42 today, its lowest level since November 26, 2012. The gauge rose to 18,950.22 at the outset. In the last six sessions, the Sensex had lost over 835 points. Similarly, the National Stock Exchange index lost 17.50 points, or -0.31 per cent, to close at 5,633.85 today, after touching the day's high of 5,718.40.

  • Brokers said the market remained in bear grip ever since the DMK withdrew support to the UPA government and Reserve Bank of India indicated no room for more interest rate cut last week. They said investors and funds were reducing their holdings in a brief trading sessions this week, before the ending of monthly expiry in derivatives segment on Thursday. The market will remain closed on Wednesday for Holi Festival and Friday for 'Good Friday' holiday.

  • Selling pressure was strong enough to reduce the impact of a firming global trend as an overnight rescue deal between Cyprus and euro-area finance ministers lowered the nation's risk of default.

  • Nifty may test its 200-DMA around 5620 on Tuesday, say experts. If the political uncertainity continues, the Nifty may head lower to its support level of 5570-5550 going forward, they say.

  • Market wants certainity, says Ashwani Gujral. This sort of uncertainty is really the death nail for the market, he adds.

  • Breakdown happening on weekly indicators not a positive sign for markets, says Mitesh Thacker. Damage has started to occur on the weekly charts and that is the more worrying part. Breakdown happening on the weekly indicators is not a very positive sign, he adds.

NIFTY 3-Month

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