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Market Report

Thursday, 27-Nov-2014

NSE

  • The BSE 30-share Sensex resumed nearly stable and moved in a range of over 190 points before settling at 28,438.91 today, a gain of 52.72 points or +0.19 per cent. The wide-based 50-issue CNX Nifty of the NSE rose further for the second successive day by 18.45 points, or +0.22 per cent, to end at 8,494.20 today.

  • Rising for the second day, our markets today closed up on fag-end buying in select bluechips, amid expiry of monthly derivative contracts. Trading was choppy today with investors adopting a cautious stance ahead of quarterly GDP data release tomorrow and the much-awaited RBI's policy review next week. Sustained capital inflows amid firm European cues also supported the positive trend, traders said. Fall in the global crude oil prices to four-year low also boosted the market sentiment as India imports nearly 80 per cent of its oil requirements.

  • Globally, Asian stocks closed mixed. Key indices in China, South Korea and Taiwan finished higher while from Hong Kong, Japan and Singapore settled lower. European markets were trading firm in their late morning deals ahead of a speech by European Central Bank President Mario Draghi.

  • Nifty may scale targets of around 8625-8630 in the short term, says Mitesh Thacker. Our markets today reaffirmed that 8420 or the recent swing low should be an important support area for the next one to two weeks to come by. Unless and until the immediate support of 8420 is broken, the bias can be on the upside and we may look at targets of around 8625-8630 in the short term and then possibly a break above that, he adds.

  • See Nifty at 8,650 levels over the next few trading sessions, says Sandeep Wagle. If tomorrow we take out that 8,530 top which has been a prior swing high, then we can look at 8,650 or so over the next few trading sessions. I have been saying that the bias is absolutely positive, there is no question of breakdown. Still I do not see a one-way rally till that top is taken out. So in that sense, positive bias but stock specific is what I would say, he adds.

NIFTY 3-Month

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