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Market Report

Friday, 22-Nov-2013

NSE

  • After climbing over 150 points to 20,388.12 in early trade, Sensex, the 30-share index dropped to close lower by 11.66 points, or -0.06 per cent, at over one-week low of 20,217.39 today. Similarly, the National Stock Exchange index Nifty edged down by 3.60 points, or -0.06 per cent, to 5,995.45 today, after moving between 6,049.60 and 5,972.80 intra-day.

  • Logging its third straight weekly loss, our market ended flat today as uncertainity over US Fed tapering its economic stimulus hit positive sentiment that helped the benchmarks log gains initially. Late profit-booking in recent gainers in auto and realty sectors also contributed to our market's fall for the third day. The Sensex had lost 661.77 points in previous two sessions, which sparked off bargain-hunting by some investors today. However, the absence of foreign fund buying as well as lower cues from European markets led to domestic markets edging lower.

  • Rupee was trading almost flat 62.93/94 versus US dollar.

  • Expect Nifty to find support around 5850-5880 levels, says Sandeep Wagle. On the upside, 6000-6050 is the range for the Nifty. I expect a lot of volatility in this range. You may not have one-way rallies. Even the market at higher levels may not sustain. I am not very bearish, and I would be stock-specific, he adds.

  • Immediate support for Nifty at 5,972, says Mazhar Mohammad. Any rally on the upside shall be used to create short positions. Once Nifty breaches 5,972, it shall immediately target the zone of 5,875-5,842 he says.

NIFTY 3-Month

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