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Market Report

Wednesday, 15-May-2013

NSE

  • The BSE benchmark Sensex today rose by a massive 490.67 points, or +2.49 per cent, to close at 27-month high on buying mainly in banking and interest-senstive stocks, after RBI said low inflation numbers will be taken into account in its next monetary policy on June 17. With a steepest single-day gain after June 29 last year, the Sensex settled at 20,212.96 today, its highest level last seen on January 2011. The broad-based National Stock Exchange index Nifty spurted by 151.35 points, or +2.52 per cent, to close at 6,146.75 today on vastly increased volumes.

  • Earlier, on December 21, 2011, the benchmark Sensex had rallied 510 points on the back of short covering after the index tanked 1,702 points in earlier nine trading sessions.

  • 6300-6330 levels on Nifty may be tested, says Sandeep Wagle. 6300-6330 is a all time high which we have seen in the past 5-6 years. That level would act as a very strong resistance. It would not be easy for Nifty to cross, he adds.

  • Interest rate sensitives, particularly real estate and autos, will take market rally forward, says Prakash Diwan. Bank Nifty rallied over 500 points in trade to touch its highest level last seen in September 2010 on hopes of further rate cut. Bank Nifty can hit 13,300.

  • Now, expect a test of 6350 levels on Nifty, says Ashwani Gujral. This upmove particularly goes through a key resistance level which has a longer-term implication, Gujral said.

  • Lower inflation numbers coupled with ample liquidity flow from FIIs are helping the stock market to rise higher and sometimes even surprise, said Nagji K Rita of Inventure Growth & Securities.

  • We certainly will take note of the softening of inflation and the external payments situation in the next mid-quarter policy statement on June 17, RBI Governor D Subbarao said at an event in Frankfurt yesterday.

NIFTY 3-Month

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