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Market Report

Thursday, 13-Feb-2014

NSE

  • The BSE Sensex closed down 255.14 points, or -1.25 per cent, at 20,193.35 today. The Nifty closed the day just above its crucial support level of 6,000 at 6,001.10 today, down 82.90 points, or -1.36 per cent. It was February 3 when the index ended at 6,001.80.

  • Indian markets, which were trading with a negative bias since morning, extended intraday losses in the last one hour of trade, triggered by sharp selling in frontline stocks, ahead of the crucial 'Vote on Account', or interim Budget, on Monday. According to experts, muted global cues and weak IIP numbers declared on Wednesday could be very much responsible for the kind of sell-off seen in Indian markets.

  • Moving in line with the equity market, the Rupee fell by 29 paise to 62.38 against the dollar in late noon trades today on fresh dollar demand from banks and importers.

  • Surprisingly, FIIs have turned up as net buyers in today's down market, and this is the second 'plus' day this month. Largely, FIIs have been net sellers in 2014. See our 'Market Statistics' page. Experts are of the view that some basket selling must have happened. They say that investors should not have to get really perturbed about this selling. They do not think it is a start of a major selloff, and it will get arrested sooner than later.

  • Most analysts are keeping a close eye on Nifty's 200-DMA which is placed around 5,970 levels and a breach of this average means further pain for markets, say analysts. After five days of consolidation we finally broke on the downside and the Bank Nifty has also given a similar kind of sell signals on the intraday charts. After today's selloff, 6,100 levels on the upside remains a very-very difficult ceiling for the markets to cross, say analysts.

  • The pace of the bounceback was much slower and my sense is that we might immediately go and retest 5,980-5,970 levels that is also around 200-day moving average area but if we start breaking below that we are then possibly looking at a fall to levels of 5,825, says Mitesh Thacker.

  • Ashwani Gujral is of the view that the whole structure of this market is extremely weak. So, with every passing day that structure is now breaking down. Once we break 5,970-5,980 which is around Nifty's 200-DMA, more downside could be on our way and possibly it could be accompanied by some news as well, he says.

NIFTY 3-Month

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