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Market Report

Tuesday, 30-Dec-2014

NSE

  • The Sensex finally settled today with a moderate gain of 7.81 points, or +0.03 per cent, at 27,403.54 points. The gauge had gained 187.12 points in previous two sessions. Also, the NSE Nifty after shuttling between 8,268.25 and 8,220.55, ended 1.95 points, or +0.02 per cent up at 8,248.25 points.

  • Benchmark indices recouped intra-day losses and ended flat helped by a recovery in financials in late trades, amid year-end profit booking by investors. Absence of strong directional cues and weakness in global equity markets dampened sentiment. The BSE index, after rising over 82 points in early trade on optimism over better growth prospects and government's resolve to use the ordinance route to push more economic reforms, surrendered most gains. Weak Asian markets and European stocks slipping in early trade from three-week highs also influenced trading here.

  • Expect markets to show resistance in 8300-8350 range in near term, says Sandeep Wagle. The volumes have been low. But this is precisely what you should expect on a year-end when everybody is on a holiday. I expect resistance in the range of 8300-8350, with a lot of stock-specific moves. Having said that, I do not want to say that I am bearish. I would call it a range-bound movement, drifting between 8200 and 8300. So in that sense, I am positive, he adds.

  • See Nifty in rangebound to positive zone, says Sandeep Wagle. The Nifty does not inspire that confidence but the Bank Nifty does and Bank Nifty over the next few trading sessions will go well above 19000-19150-19200. So that would not let the Nifty fall. I would talk of an 8300 Nifty and a 19100-19200 Bank Nifty. So the bias is certainly on the positive side and rangebound to positive is what my view would be on the Nifty, he says.

  • Expect markets to witness a pre-Budget rally, says Ambareesh Baliga. I really do not know whether it will happen beginning the end of January or February. But we shall surely have a pre-Budget rally. The question is whether it starts from 8000 or even levels below that, or whether it starts from 8300-8400 levels, he says.

NIFTY 3-Month

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