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Market Report

Monday, 01-Apr-2013

NSE

  • The BSE benchmark Sensex today closed higher in the first trading session of fiscal year 2013-14 supported by buying in blue-chip stocks. The index moved between 18,959.48 and 18,796.60 before ending moderately higher by 28.98 points, or +0.15 per cent, to 18,864.75 today. Similarly, the broad-based National Stock Exchange index Nifty rose by 21.85 points, or +0.38 per cent, to close at 5,704.40 today, after moving between 5,720.95 and 5,675.90 in intraday.

  • Brokers said the buying activity was more confined to recent losers as the benchmark recorded first quarterly losses since December 2011. They said most investors were directionless as most of the Asian and European markets were closed for a public holiday.

  • Two extreme points to note. Very Bad: With the exception of last Thursday, volumes have been going down sharply. And, very good: Foreign Institutional Investors (FIIs) have poured in a record Rs 1.4 lakh crore ($26 billion) in the Indian stock market in FY 2012-13, the highest ever since overseas entities started investing in the country.

  • Look towards booking profits on long positions, says Sandeep Wagle of APTART Technical Advisory Services. Nifty may not go up one way to 5750-5760, but maybe correct by 20-30 points, then start the move up, says Wagle.

  • Market is in a mild uptrend, says Ashwani Gujral. I am not too convinced on the index and I believe will chop you up, net gain on a day on day basis may not be very high, says Gujral.

  • Buy stocks which are extremely oversold, says Mitesh Thacker. It is a pullback rally led by underperformance and possibly it will die around 5770 or maybe around 5820 on the higher side, says Thacker.

  • Prefer to stick to top 50, 100 stocks, says Sajiv Dhawan of JV Capital Services. Private Banks may give 30% upside. Nifty traders would be looking to cover shorts or go slightly long over the next couple of days as long as we do not go below 5700 mark on the futures, he adds.

NIFTY 3-Month

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