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Market Report

Monday, 28-Apr-2014

NSE

  • Sensex, the 30-share index fell by 56.46 points, or -0.25 per cent, to 22,631.61 today. It had surged to an all-time intraday high of 22,939.31 in its previous trade on Friday. The broad-based National Stock Exchange index Nifty lost 21.50 points, or -0.32 per cent, to end the day 6,761.25 after touching a high of 6786.25 and a low of 6750.30 in intraday trade today.

  • The Nifty remained in a 40-point range throughout the day today on sustained FII selling, chiefly in auto and heavy machinery sectors amid weak global trends due to new tension over Ukraine.

  • Investors weighed the prospects of Russia coming under new sanctions, as the US was preparing to levy fresh sanctions against Russia for Moscow's failure to uphold terms of an agreement with that calls for withdrawal Russian forces from the border with Ukraine. Some sanctions were announced by the US after market hours today.

  • Brokers said investors booked profits in recent outperformers after forecast of below average monsoon this year. Companies reporting disappointing earning numbers also hit the investor sentiment, they added.

  • My suspicion is that if the results are positive, there is 10 to 15% chance to go up even from these levels, especially if you see signs of a very-very clear majority for the NDA, says Nitin Jain of Edelweiss Financial Services. It is very unlikely that before the election results are out, you will see more than 2-3-4% upside from here, he adds.

  • Mid- and small-cap stocks are rising stars as largecaps get ignored, says Vikas Khemani. We are seeing a fairly large number of counters hitting new highs every single day and that shows that the width is building and the confidence is spreading. Therefore, I would advise not just to look at the frontliners, because the rally has moved to the second tier counters, he added.

  • Nifty likely to extend correction; may target 6650 levels, say analysts. A gravestone doji formation is followed by hanging man on weekly Nifty charts which is acting as some some sort of confirmation for near term weakness in markets. Bearish Engulfing pattern on daily charts accompanied by negative divergence on RSI indicator is also making Nifty more vulnerable for a fall. Elliott wave theory is also pointing towards correction in the immediate short term. The wave count, however, is suggesting one more leg on the upside and hence this correction should be used as an opportunity to buy for final upward leg. Immediate support is placed at 6740 and 6700 where as critical support is placed at 6650, they add.

NIFTY 3-Month

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