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Market Report

Friday, 19-Dec-2014

NSE

  • The Nifty extended gains for second straight session and closed above 8,200 led by gains in technology, metals and Oil & gas sectors. The 50-share index ended at 8,225.20, up 65.90 points or +0.81 per cent, as the government's projection of 5.5 per cent GDP growth boosted economic sentiments. It touched a high of 8,263.45 and a low of 8,208.60 in trade today.

  • The S&P BSE Sensex closed at 27,371.84, up 245.27 points or +0.90 per cent. The 30-share index after opening on a strong note at 27,292.55 continued its upward journey to hit the day's high of 27,497.12. But, profit-booking towards the fag-end at improved levels trimmed gains. It touched a low of 27,292.14 in trade today.

  • The strong buying momentum over the past two sessions has been driven by a firming trend on global markets after the Federal Reserve said on Wednesday a rate hike was unlikely in the short-term, brokers said. Expectations of acceleration in reforms process after the Cabinet's clearance to the Constitutional Amendment Bill on GST too triggered buying activity, they said.

  • The S&P BSE Sensex has managed to bounce back nearly 800 points in a matter of just two trading sessions, after falling over 1800 points so far in the month of December. But further consolidation is expected in the first half of 2015. The rally, however, is still not over yet and investors with a minimum of three-year horizon can look at investing at current levels, say market analysts.

  • Globally, Asian shares enjoyed their best day in 15 months on Friday, after Wall Street boasted its biggest two-day advance since late 2011 amid relief the Federal Reserve was in no rush to withdraw stimulus from the US economy. Europe markets have also started today higher with CAC, DAX and FTSE gaining.

  • Near-term correction in markets seems to be behind us, says Sachin Shah of Emkay Investment. The correction, which was due, did happen in the last few trading sessions. It did find a good support at around 8000-odd levels. From there, we have also had a smart bounce-back. Of course, the markets may consolidate just around these levels because we are getting into the vacation season. And after that, we will have the earnings season. Looks like we are good from here on, he says.

  • Support for Nifty is now at 8100, says Ashwani Gujral. I am still playing for a turnaround which means resumption of an uptrend. We can have a down day and can give up gains from the highs. But till those supports hold on, I would stay long because my sense is that even if we do get some choppiness in the next week, we will possibly continue to head higher over a period of time, he says.

NIFTY 3-Month

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