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Market Report

Friday, 26-Dec-2014

NSE

  • The 30-share BSE index resumed higher following beginning of January series in the derivatives segment. It gradually started to slip and logged due to heavy foreign capital outflows. Later, it wiped off losses completely and settled the day at 27,241.78, a rise of 33.17 points or +0.12 per cent. In previous two sessions, Sensex had shed 493.18 points. The 50-share NSE Nifty after falling to the day's low of 8,147.95 staged a strong comeback to regain the 8,200-mark to close at 8,200.70, up 26.60 points +0.33 per cent from its previous close.

  • Brokers said absence of cues from the global markets which remained closed on account of Christmas holidays and approaching year end forced major players to refrain from enlarging their positions in a big way. President Pranab Mukherjee signing two ordinances, paving way for additional foreign investment in insurance and to move ahead with the re-allocation of cancelled coal mines, also boosted the sentiment.

  • We had extremely low volumes today. That, coupled with the heavy sale by FIIs in the last few days have robbed the shine off our markets. See our 'Market Statistics' page.

  • Markets will find it difficult to move up, says Ashwani Gujral. Today was low volume. There was a bit of choppiness even on the upside. The market does not seem like it wants to go up. There is hardly any institutional buying. It means that people are not willing to buy at this level and they need lower levels to come in strongly and buy. So something will have to create a correction, he says.

  • Nifty may hit 8000 in the near term, says Mitesh Thacker. As of now it appears to be market which can swing either ways. In Nifty, we do not have a clear directional bias. 8,230-8,250 is an important level to watch out for. Once that is being captured, we might get up to about 8,300 and only beyond that I would look at some kind of sustained up move happening. Otherwise it might just chop around in that range. Assuming 8,250 is not being taken out, there is a good chance that we will head lower possibly to about 8,100 or even 8,000 on the downside, he says.

NIFTY 3-Month

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