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Market Report

Thursday, 16-May-2013

NSE

  • Rising for the third straight session, Sensex, the 30-share index advanced by 34.37 points, or +0.17 per cent to 20,247.33 today, a level last seen in January, 2011. The index had gained 521 points in last two trading sessions. Similarly, the broad-based National Stock Exchange index, Nifty, rose by 23.15 points, or +0.38 per cent, to close at 6,169.90 today led by stocks of banking and interest-linked stocks.

  • Markets edged higher after a weak opening but gains were capped as profit taking was seen at higher levels after the sharp surge yesterday.

  • Brokers said the market is bullish ever since reports of easing inflation has raised hopes that RBI will go for rate cuts to boost economic growth. They said foreign investors continued buying in domestic stocks on expectations of faster growth. Overseas investors pumped in Rs 1,646.95 crore (around USD 301 million) into local equities yesterday and Rs 1,070.32 crore today, as per BSE/NSE provisional data.

  • Asian markets ended mixed. Japan's Nikkei stock average fell today, reversing from a fresh 5-1/2-year high earlier in the session, after banks offered downbeat earnings guidance.

  • Rate cuts, good monsoon will push market up, says Ambareesh Baliga. We are possibly looking at at least 50 bps of rate cut going ahead in the next couple of months. With monsoon being on time, markets will move up, he adds.

  • Nifty can go upto 6250 levels in 1-2 weeks, says Sandeep Wagle. Markets are in an upmove which can extend to a new high or test the prior top of 6330. For the next week or two, 6240-6250 looks very likely. If you are an F&O trader or if you are a very short term trader, a little below 6100 can be a good stop loss, I do not think that should be triggered, he adds.

  • Keep a trailing stop around 6110, says Ashwani Gujral. Even when the worst kind of bears when they become positive, that is the time when you start taking money off, he says.

NIFTY 3-Month

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