IntradayTrade dot Net
Market Report

Monday, 29-Apr-2013


  • The Sensex rose by 101.78 points, or +0.52 per cent to 19,387.50 today. The index had lost 120 points in the previous session. Similarly, the National Stock Exchange index Nifty rose by 32.65 points, or +0.56 per cent, to close at 5,904.10 today.

  • The Nifty was moving in a narrow range with positive bias today as investors bought stocks across sectors after a profit booking session on Friday. The trade is expected to remain choppy in near term ahead of the Reserve Bank of India's policy meet later this week, say analysts.

  • Brokers said trading sentiment improved on reports of better quarterly earnings and funds buying in blue-chips led by FMCG and realty on better earnings amid a firming global trend. They said the market received further support on firming global trend as Italy formed a new government and optimism grew that central banks will decide to maintain economic stimulus in their meetings this week. Asian markets continued to remain subdued as Japan and China remained shut.

  • International Monetary Fund saying the GDP is likely to improve to 5.7 per cent in 2013 and further to 6.2 per cent a year after, also influenced the market sentiment, they added.

  • Look for levels around 6050-6100, says Ashwani Gujral. High beta stocks doing better than the front line stocks because they have already moved higher. Side markets which have not done so well till now are likely to catch up say finally, when the market falls everything must fall and the large caps fall the last, he says.

  • 6050 is the next logical target, says Mitesh Thacker. It still looks like more of consolidation kind of range to me. Nifty can retest levels of 5960-5950 on the upside. We might not immediately break above 5950, though if we do that 6050 would be the next logical target, he adds.

NIFTY 3-Month

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