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Market Report

Tuesday, 18-Nov-2014

NSE

  • Sensex, the 30-share index, ended the day at 28,163.29 today, down 14.59 points or -0.05 per cent. It touched a lifetime high of 28,282.85 and a low of 28,119.95 in trade today. The Nifty closed at 8,425.90 today, down 4.85 points or -0.06 per cent. It hit a life-time high of 8,454.50 and a low of 8,407.25 in trade today.

  • Our market ended a choppy session in the red as bulls took a breather after the two-day upmove. Gains in capital goods, power and auto were offset today by losses in technology, oil & gas and pharmaceuticals. The benchmark indices are hitting fresh all-time highs even as they are consolidating following a sharp surge in 2014. They are up over 33 per cent in 2014 but the party has just begun, say analysts. Everytime there is a correction, the market has bounced back to hit a new high indicating strong underlying bullish sentiment.

  • Meanwhile, foreign institutional investors were net sellers today for the first time this month. See our 'Market Statistics' page for full details.

  • Globally, Japan closed up more than 2% rebounding from yesterday's sharp decline on hopes of a snap election and fresh monetary stimulus measures. On the other hand, Chinese shares fell for second consecutive day due to profit booking after the launch of landmark Hong Kong-Shanghai trading link. European markets are edging higher anticipating further monetary easing by the European Central Bank (ECB).

  • Uptrend for Nifty to continue as long as it doesn't break 8350 levels, says Mitesh Thacker. That is the immediate support area on the intraday charts. As long as that is not being broken, the uptrend goes to its slow drift but in case that gets broken, we might get some minor corrective profit booking kind of a dip and more of consolidation happening at slightly lower levels. There is a good chance that this is not a breakout but a shift of range, he says.

NIFTY 3-Month

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