IntradayTrade dot Net dot IN
Market Report

Thursday, 29-May-2014

NSE

  • Nifty, the 50-share index, ended at 7,235.65 today, down 94.00 points or -1.28 per cent. It touched a high of 7,325.40 and a low of 7,224.40 in trade today, registering one of its worst performance in the month of May as it closed down on the last day of May series. Selling pressure was seen across the sectors except healthcare which closed marginally in the green. The S&P BSE Sensex closed at 24,234.15, down 321.94 points or -1.31 per cent. It touched a high of 24,528.20 and a low of 24,206.50 in intraday trade today.

  • Market expressed its concern over top level executives exitting the software giant Infosys, amid continued underperfornace by the hiterto index bellwether. May series rollover data suggests that consolidation will continue going ahead. Experts said strong rollover were witnessed in Adani group stocks.

  • Point to note today is the increased participation by FIIs and the increasing net sales by them over the last few days. Overall volumes have increased somewhat. See our 'Market Statistics' page.

  • On the currency front, the Rupee was trading at 59.01 versus its previous close of 58.93/94, with Dollar selling by some corporates seen but month-end demand for the greenback from importers limiting the rise. Globally, Asian shares inched up to a one-year high today while global bond prices surged, pushing their yields to multi-month lows, supported by expectations of easier monetary policy from the European Central Bank.

  • Markets likely to consolidate further, but bull run remains intact, say Analysts. There is a strong possibility that in the near term, the Nifty may retest the levels of 7050-7100, because for a rally which started below 6300, it will be a very normal retracement level being achieved, say Analysts.

  • I would not be surprised to see some more downsides happening, says Mitesh Thacker. But, as of now, the intraday structure remains on the negative side. So there is a good chance that if we may start getting below today's low of 7224 and might head towards 7150, possibly 7130. However, my sense is that post this expiry, the Nifty will resume its uptrend, he adds.

  • The market's value zone is between 6850 and 7050 and anything in between that is where you would start to really buy for the longer term but overall, the bull market stands and you are seeing the sharp cuts because you had sharp rallies before, says Ashwani Gujral. If investors are looking at buying say for the next month or two months, they should first try to buy around the 20-day moving average, which is 7070. He also cautioned investors that in the next few days we may face pressure till the market consolidates well enough and is ready to move higher.

NIFTY 3-Month

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