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Market Report

Wednesday, 10-Dec-2014

NSE

  • The BSE 30-share barometer resumed lower in line with mixed cues from Asian peers and moved erratically in a range of 27,905.25 and 27,710.03 before closing at 27,831.10 today, showing a rise of 34.09 points or +0.12 per cent. In previous three sessions, it had tumbled 765.81 points or 2.68 per cent. The wide-based 50-issue NSE Nifty also recovered by 14.95 points, or +0.18 per cent, to close at 8,355.65 today, helped by a rebound in Chinese shares, led by bank shares.

  • Rebounding from over one-month lows, benchmark Sensex today closed higher, snapping its three-day losing trend, on gains in SBI and ONGC shares, amid a firm European trend. While session was markedly choppy in the absence of strong local cues, buying in key counters supported Sensex and Nifty. Two-tier stocks attracted buying from retail investors, helping their indices outperform broader benchmarks.

  • Asian markets ended mixed, tracking an uninspiring finish on Wall Street overnight triggered by global growth concerns. Fresh political uncertainty in Greece, a rout in oil prices and a selloff in Chinese shares in the previous session continued to cast their shadow.

  • Expect Nifty to head towards 8200 in the coming weeks, says Mitesh Thacker. Markets are clearly taking a breather. The index is stabilising while some stocks are tempting a very strong pullback. In the next couple of days, you could see a slightly stronger pullback, perhaps to levels of 8400-8420, but that might not change the trend as yet. I do expect selling to re-emerge from around 8400 levels and we should eventually - in the next few weeks - head towards 8200.

NIFTY 3-Month

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