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Market Report

Tuesday, 02-Dec-2014

NSE

  • The 30-share Sensex today closed down 115.61 points, or -0.40 per cent, at 28,444.10 and the 50-share Nifty ended down 31.20 points, or -0.36 per cent, at 8,524.70 today. Sensex and Nifty fell for a second consecutive session today, as software services exporters declined on Rupee strength and as investors booked profits after the RBI kept interest rates unchanged, although it signalled potential rate cuts by early 2015.

  • Expectation of rate cut by the Reserve Bank of India (RBI) in the first half of 2015 which looks almost certain will keep momentum alive for Indian markets along with further policy action and Budget announcement in the next 12 months, say experts. Analysts at top brokerages firms acknowledged that valuations are already pricing in reforms and next year's growth story even as growth cycle remains subdued. For Nifty the number could well surpass 10,000 in the next twelve month on hopes of further policy action, Budget announcement and global liquidity.

  • Nifty likely to head towards 9000, says Ashwani Gujral. The market is not showing too much stress on the downside and the market breadth midcap seem to be recovering. So basically 8450-8500 should hold on and we should make fresh highs possibly move towards 9000. That is the view we need to take unless of course we start closing below 8450 at least for a couple of days. Basically just an off day for everything and chances are that the rally should resume again, he says.

  • Markets in cosolidation phase; Nifty unlikely to break 8500 levels, says Mitesh Thacker. It has been a strange market in the sense that it has closed down, just closed around the support levels of 8,520-8,500. But the breadth has been positive and individual stocks have done extremely well. Unless and until we see 8,500 being broken, we may not get any severe or significant profit booking and even then if it gets broken, there might be about 100-120 point kind of decline from current levels. So 8,440-8,360 are the two levels to watch out for on the downside. For the time being, it looks like stock specific market with market possibly in range of 8,500 to about 8,620, he says.

NIFTY 3-Month

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