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Market Report

Wednesday, 24-July-2013


  • Sensex, the 30-share barometer, which had gained 451 points in past 5 days to hit levels last seen on January 5, 2011, tumbled by 211.45 points, or -1.04 per cent to close at 20,090.65 today. The 50-scrip National Stock Exchange index, Nifty, dipped below 6,000 level by dropping 87.30 points, or -1.44 per cent to end at 5,990.50 today on heavy selling in banking stocks as new liquidity tightening steps unleashed by RBI to shore up rupee are likely to hike short-term interest rates.

  • Investor wealth dropped a whopping Rs 78,000 crore today as 6 out every ten stocks fell on the BSE platform. Markets seemed to ignore rupee strengthening by 1.2 per cent to over one-week high of 59.06 against dollar. Besides cautious trades ahead of tomorrow's monthly derivative expiry, brokers said a mixed trend in the global markets also affected domestic markets.

  • In Asia, renewed worries about the outlook for China's vast manufacturing sector trimmed gains in Asian shares and hit oil and copper prices and currencies exposed to Chinese demand. European markets were trading firm as signs of a recovery in France and strong sales from tech giant Apple lifted European shares today.

  • Reached first level of support at 5950-5970, says Ashwani Gujral. We have reached the first level of support which is about this 5950-5970 zone now generally the way it plays out is that the first correction comes down to these levels. If we get closer to 6040-6050 it would be time to probably initiate some short positions. There will be one attempt at yesterday's highs and once that fails then we should start turning and start moving lower, he says.

  • Very clearly now 6100-6150 has re-emerged as very strong supply area and the market has not able to get pass those levels, says Mitesh Thacker. The overall structure of the market is such that the overall upside is restricted. So any bounce back to around levels of 6050 would be excellent opportunities to create short. On the downside, 595-59300 will act as some kind of support, but if those levels break, then we would look at possibly bigger cuts coming into the markets, he adds.

NIFTY 3-Month

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