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Market Report

Tuesday, 16-Dec-2014


  • The Sensex ended the day at 26,781.44 down 538.12 points or -1.97 per cent. The Nifty ended today's session at 8,067.60 down 152.00 points, or -1.85 per cent. The Nifty slipped below its 50-day moving average and breached 8,100 in intraday today. Our markets ended at seven-week lows after sharp decline in the Rupee, widening trade deficit and global growth concerns led to sell off across the board by investors.

  • Selling pressure in the Indian market has intensified over the last 12 sessions with the benchmark Sensex correcting by nearly 1,850 points or -6.5 per cent even as crude oil prices have been on a decline. The good thing about the Indian market is that it is least impacted in global sell-off due to better fundamentals. However, the global trend is bearish and some pain is expected in the near term before the bulls try to make a comeback.

  • Expect Nifty to remain in 7,850-8,150 range in near term, says Sandeep Wagle. I still feel there will be some selling at higher levels and it will not be a smooth ride even for the IT stocks. So in that sense, the trend is very clearly down and on the upside, I do not think 8,150 will be crossed as far as the Nifty is concerned. So broadly, 7,850 to 8,150 over the next few days or weeks is what I would talk of, he says.

  • Expecting markets to go down further, says Ambareesh Baliga. Right now, what we are seeing is a huge amount of adverse news other than oil. Oil clearly is positive, but other than that, whatever news is coming from the international markets - whether it is IIP data, trade gap, the way the rupee is moving - all this has been negative and finally, we have the FII selling also, because of which the markets have cracked and this was overdue, he says.

  • There's scope for some more corrections, but markets should stabilise soon, says Gaurang Shah of Geojit BNP Paribas. To the knock that markets have taken today, both global and local developments have contributed. Then there is the rupee dollar equation as well. We would not venture into high beta, but definitely something like IT, private sector banks, autos, pharma, FMCG and some of the oil marketing companies do look very attractive from an investment angle. There is scope for correction of another 50 or 100-odd points on the Nifty. But we should stabilise soon, he says.

NIFTY 3-Month

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