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Market Report

Wednesday, 26-Nov-2014

NSE

  • Sensex, the 30-share index, ended at 28,386.19, up 48.14 points or +0.17 per cent. It touched a high of 28,470.15 and a low of 28,261.31 in trade today. The Nifty closed at 8,475.75, up 12.65 points or +0.15 per cent. It hit a high of 8,500.0 and a low of 8,438.65 in trade today.

  • Our markets pulled back in the afternoon and closed with gains in metals, FMCG and realty sectors. Most analysts at top brokerage firms expect the economic uptick in India would propel business prospects, which means a meaningful turnaround in financials and rerating of market multiples. Considering the overall situation of falling crude prices and control over domestic inflation, analysts predict a strong growth in earnings in the coming quarters, which will give further boost to the markets. Nifty may test 11000 and Sensex 33k in next 6-12 months, say experts.

  • For tomorrow, chances are that post the volatility, it is possible that banks could lead some of the downside, says Ashwani Gujral. Since the previous rally was very skewed by banking, it is possible that banking goes in for a correction while the Nifty does not correct as much so that is the deal. From 8420 we tried to rally all day and we are not really closing at levels where you would say that great amount of buying has come in, he says.

  • Market can go up further if it remains in 8530-8420 range, says Mitesh Thacker. That is where the 10-day averages are placed, that is where some of the congestion areas of the important intraday averages are placed. I am still not sure whether the storm has come and gone or not, but in case we can hang on to these levels for the next few days, be sideways, and consolidate between the range of 8530 to about 8420, then we might be looking at further upsides happening and on a quicker basis, he says.

NIFTY 3-Month

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