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Market Report

Tuesday, 07-May-2013

NSE

  • The Sensex rose by 215.31 points, or +1.09 per cent, to close at 19,888.95 today, a level last seen on January 31. The index had gained 98 points in the previous session. The gauge had touched the day's high of 19,917.88 in intraday. Similarly, the National Stock Exchange index, Nifty regained 6,000 points level by rising 72.50 points, or +1.21 per cent, to close at 6,043.55 today.

  • Brokers said the buying activity gathered momentum, tracking a strong rally in global markets on the back of lower borrowing costs after Reserve Bank of Australia cut its benchmark interest rate, lifting bluechips further higher. Besides, expectations of an encouraging IIP data for March to be released later this week, too generated buying activity, they said.

  • Meanwhile, Asian markets edged higher with several markets closing at multi week highs. The Nikkei average jumped 3.6%, its highest closing level since June 2008 with exporters leading the gains. In Europe, markets edged higher on the back of strong earnings from major banks. Germany's DAX, France's CAC and FTSE were up 0.3-0.6% each.

  • Market may touch 6100 soon, says Ashwani Gujral. The support level clearly becomes 6020 because that was the upper end of the range from where we broken out, says Gujral. The next 50 points on the Nifty is crucial. I would be keenly looking at how the market deals with 6100 and whether that can be crossed in the next few days, he adds.

  • Market rally unlikely to slow down, says Mitesh Thacker. We still have about 40-50 points to go at least and possibility of higher levels to adjust because there is no signal of reversal as yet, he adds.

NIFTY 3-Month

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