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Market Report

Tuesday, 02-July-2013


  • Sensex, the Bombay Stock Exchange 30-share gauge, remained in negative for the most of the day before settling down by 113.57 points or -0.58 pct at 19,463.82 today. In last three-day, S&P BSE Sensex had spurted by 1,025.18 points or +5.53 per cent. The wide-based 50-issue CNX Nifty of the NSE dropped by 41.30 points, or -0.70 per cent, to end at 5,857.55 today as overseas investors booked profits in bluechips.

  • Signs of fresh offloading of positions by foreign funds, weak trading in European markets and some fag-end depreciation in rupee also affected investor sentiment, said traders.

  • Globally, Asian stocks endex mixed as anaemic manufacturing data from China raised growth fears, while European markets were trading lower in their early trade as investors awaited reports on UK construction activity and US factory orders. US stocks, however, rose for a second straight day after opening today, with market momentum remaining strong as investors grew more optimistic about the economic outlook.

  • Investors can use intraday dips to buy into markets, says Mitesh Thacker. Once we start consolidating above 5800, then we might look at strength to about levels of 5950, possibly even levels of 6020 on the upside. At some point of time, this pause should have happened. It might occur as a pullback to the short term intraday averages, says Thacker.

  • Rupee's move to decide Nifty's next direction, says Ashwani Gujral. 5850-5860 should be a good support level for Nifty. What you have to do is that be very careful that you are able to spot if something is going wrong and that point is probably 5825, says Gujral.

NIFTY 3-Month

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