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Market Report

Friday, 21-Mar-2014

NSE

  • Sensex, the BSE 30-share barometer resumed better and was trapped in a narrow breadth of over 335 points before settling at 21,755.32 on the special session of Saturday, a fall of 54.48 points, or -0.25 per cent during the week. Last week, the index slipped 109.99 points, or -0.50 per cent. It scaled a new lifetime high of 22,040.72 on Tuesday, breaching the previous historic high of 22,023.98 logged on March 10, and closed down for the second week in a row in a range-bound trade during the extended week.

  • The NSE 50-issue CNX Nifty declined last week by 9.30 points, or -0.14 per cent to end at 6,494.90 on Saturday's special session. Like the Sensex, Nifty too hit a new lifetime high of 6,574.95 during the week. During the week, the market took a hit on worries that the US interest rates would rise sooner than expected and dent the appeal of higher-yielding emerging markets.

  • Market may witness volatility ahead of RBI monetary policy on April 1, and upcoming Lok Sabha elections too in April (from April 7 to May 12), said Rakesh Goyal, Senior Vice President, Bonanza Portfolio Ltd. Going ahead, global cues and Q4 FY'14 results will also impact market trend. This week, 6,475 shall be crucial deciding level in near term for Nifty and the index is likely to witness further selling below this level, he added.

  • Don't see markets touching fresh highs again, says Ashwani Gujral. We rallied non-stop from 5950-odd to about 6550, which translates into 600 points, or about 15% on the Nifty. The problem on the charts is that the prices have gone up a long way from the shorter-term moving averages. From here, either we fall sharply and the price falls towards those moving averages, or we move sideways and with time correction, the moving averages catch up and then we are able to move forward. As long as we hold on to the previous intermediate high about 6415, we should be fine, he explains.

  • Don't short markets as long as Nifty is trading above 6,400 levels, says expert. The week gone by has just seen consolidation with support around 6,470-6,480 range and the next strong support is in the range of 6,400-6,420 levels.

NIFTY 3-Month

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