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Market Report

Tuesday, 24-Dec-2013


  • The BSE Sensex, which had gained 392.41 in past two days, started on a positive note tracking overnight gains in US markets but fell by 68.32 points, or -0.32 per cent, to end at 21,032.71 dragged down by HDFC Bank, HDFC and Sun Pharma. The 50-share NSE Nifty slid 16.10 points, or -0.26 per cent, to end at 6,268.40 today hurt by losses in metal and banking scrips.

  • Markets slipped today in choppy trade as investors started unwinding their pending positions before the settlement in monthly equity derivatives. The Rupee was last trading at 61.87/88 levels versus US dollar when domestic equity markets closed for the day. Indian stock market along with money markets are shut tomorrow, 25th, on account of Christmas.

  • On the global front, US stocks scored modest gains on Tuesday as investor's exercised restraint from making big bets in a short session ahead of the Christmas holiday, with the Dow and S&P 500 once again ending at record highs. US Markets closed early on Tuesday and will remain shut until Thursday for the holiday.

  • Indian equities may have a roller coaster ride next year given the fluctuating sentiment and modest fundamentals, Barclays said, setting a target of 6,481 for the Nifty for end-2014.

  • Nifty futures holds strong support around 6150 levels where the correction halted after its decline from its all-time highs, say experts. Breaking below this level will attract fresh shorts to build on their positions, whereas 6300 has acted as strong resistance point. Any crossover above this level will lead to winding up of call writing positions and will set further direction for the market, they add.

NIFTY 3-Month

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