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Market Report

Thursday, 01-Jan-2015

NSE

  • After a lower start at 27,485.77, the 30-share BSE Sensex slipped further to 27,395.34. However, losses were wiped off on the back of gain in select blue-chips towards the fag-end. It closed higher by 8.12 points, or +0.03 per cent, to 27,507.54 today. It touched a high of 27,545.61 in intraday trade. The 50-share Nifty on the National Stock Exchange edged up by 1.30 points, or +0.02 per cent, to 8,284.00 after moving between 8,294.70 and 8,248.75 in intra-day.

  • Benchmark share indices ended the first trading day of 2015 on a flat note in lacklustre trade as investors shifted focus from large caps to fundamentally sound stocks in the broader market. Traders said direction-less investors confined their commitments to select stocks, having strong fundamentals amid most Asian financial markets remaining closed due to the New Year.

  • Market waiting for a big momentum push to get beyond 8300, says Ashwani Gujral. Today was a nothing session. The real thing possibly starts from Monday. It is just about consolidating, getting ready for that breakout. We are sitting so close now to 8280-8300. Whenever we get that big momentum push, chances are the market should have some sort of directional move. We would hope it happens on the upside but 8200 now is your stop for all long positions, he says.

  • Nifty may touch 8500 level in January, says Mitesh Thacker. Market will get strength once we get past 8300. In that sense tomorrow's session would be important. The Bank Nifty is also close to its breakout levels of 18850. In case both the Bank Nifty and the Nifty give a breakout and tomorrow might be more active day in terms of volumes, then we might be looking at a some kind of a short term up move happening in the first week of January. We can then possibly talk about levels of 8450-8500 on the upside being revisited. Unless until there is a big sharp reversal, we will continue with this strategy, he adds.

NIFTY 3-Month

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