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Market Report

Monday, 03-Mar-2014

NSE

  • The Nifty finally closed 55.50 points down, or -0.88 per cent lower, at 6221.45 today. It hit a low of 6212.25 and a high of 6277.75 in intraday. While the BSE Sensex ended -0.82 per cent lower, or 173.47 points down at 20,946.65, below its crucial psychological support level of 21,000.

  • The S&P BSE Sensex came under intense selling pressure in the last one hour in trade today, snapping 200 points to slip below its crucial psychological level of 21,000 tracking muted trend seen in other Asian markets. Following the momentum, the 50-share Nifty index also slipped below its crucial psychological support level of 6,250 in trade today.

  • The Rupee was reported trading lower at 62 per dollar after falling to 61.95 earlier in the session, versus Friday's close of 61.75/76.

  • Globally, Asian stocks plunged and oil prices shot up after Russia bloodlessly seized a part of Ukraine, escalating tensions between Russia and the West to a level not seen since the end of the Cold War, forcing investors to cut their exposure to riskier assets, pushing stocks down sharply and lifting gold to a four-month high.

  • No major bourse escaped the aggressive selling, with all down more than 1% and Germany's DAX particularly hard hit, tumbling 2.5%. Concern about China's economy also weighed on markets after a purchasing managers' index showed China's vast factory sector contracted again in February.

  • According to analysts, markets are likely to remain in a range weighed down by geo political tensions, uncertainty around election results, slowdown in China and fears over further tapering by the US Federal Reserve Bank. However, the action lies in midcap stocks, say analysts.

  • Though we are not expecting a major correction, there are multiple resistance points in the range of 6280-6350, says Siddarth Bhamre. Also, stochastic is at higher levels of 93% and is about to give crossover on the downside. Above conflicting signals, if clubbed with liquidity, suggests that this market is a buy on dips, and if we see correction till 6120 which is where 89 EMA lies as of now, one can enter the market, he adds.

NIFTY 3-Month

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