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Market Report

Wednesday, 24-Dec-2014

NSE

  • Nifty, the 50-share index, finally closed at 8,174.10 today, down 92.90 points or -1.12 per cent. It touched a high of 8,286.40 and a low of 8,155.25 in trade today. The S&P BS Sensex ended at 27,208.61, down 297.85 points or -1.08 per cent. It touched a high of 27,571.25 and a low of 27,146.52 in trade today.

  • The S&P BSE Sensex slipped as much as 360 points in trade on the December F&O expiry day. Tracking the momentum, the 50-share Nifty index also came under pressure in trade on Wednesday and slipped below its crucial psychological support level of 8200.

  • However, most of the Asian markets excluding China closed positive tracking gains from Wall Street thanks to surprisingly robust U.S. economic growth, which grew at 5.0 per cent in the third quarter, the quickest pace in 11 years.

  • The stock market is gearing up for its best performance in five years, with a rally of over 6,000 points in the benchmark Sensex in 2014. With just four days of trading left this year, the Sensex has rallied by nearly 29% so far in 2014 with a gain of 6,038 points -- the highest annual gain since the year 2009 when the bluechip index had rallied by 7,817 points. Besides, the Sensex also has a chance to clock its second best ever annual rally this year, if it manages to end 2014 with a gain of over 6,500 points (recorded in the year 2007). Experts attribute the rally in stock markets during 2014 largely to Narendra Modi's massive election win.

  • Banks are looking strong and IT is looking weak, says Ashwani Gujral. One thing is clear that you will not have a clean run in January series, because two major indices are trading opposite each other. So, even if you do have a rally, it will be fairly choppy and sideways style rally, but the idea should be that you have to go long on the market - whenever you get that opportunity. Do not go short because we are already down about six odd hundred points from the highs so more choppiness rather than anything else, he adds.

  • We might see some kind of choppiness in the next few days barring banks couple of PSU banks, and I would also expect the market to drift slightly downwards not much but 1-2 per cent and then we might look at some kind of reversal from those levels, says Mitesh Thacker. What has also happened is that the Nifty has broken below levels of around 8,200 and 8,180 and this could possibly trigger some kind of down move and retest of levels of around 8,000, he adds.

NIFTY 3-Month

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