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Market Report

Tuesday, 13-Jan-2015

NSE

  • Nifty the 50-share index ended at 8,299.40, down 23.60 points or -0.28 per cent. It touched a high of 8,356.65 and a low of 8,275.35 in trade today. The S&P BSE Sensex was at 27,425.73, down 159.54 points or -0.58 per cent. It touched a high of 27,670.19 and a low of 27,324.58 in trade today.

  • The Nifty snapped its three-day rally and closed in the red as the bulls ran out of steam after over 200 points. However, the benchmark pulled-back from day's low mirroring movement in European markets after global crude oil prices fell to near six-year lows.

  • Meanwhile, foreign institutional investors were net buyers in Indian equities worth Rs 245 crore on Monday and another Rs 235 crores today, as per provisional stock exchange data, after heavy selling earlier this month. See our 'Market Statistics' page.

  • According to analysts, the market is moving sideways and bouncing back from intermediate technical areas. Global factors, RBI meet and Union Budget are likely to lead to a break out or break down in the near term.

  • Nifty looks weak, CNX IT has broken down, says Prakash Gaba. And banks has given an exhaustion pattern. To me, the down-move has started and we will see it happening in the days to come. 8400 on the Nifty future still seems to be a strong resistance to go up with. Unless it takes out 8400 on the Nifty futures, it is not a buy. I would assume that maybe in the upper regions we get an opportunity to short, I could short again but let us see where it opens, that is important, he says.

  • Until Nifty crosses 8350-8400 zone, markets to remain rangebound, says Ashwani Gujral. It is basically one day up, one day down type of market. Right now we had a bit of a dip, so chances are lot of the long positions are getting cleaned out. If overnight markets close higher, you could have again a retest of 8350-8360 but until we do cross 8350-8400 zone, chances are that we are likely to remain rangebound, he says.

NIFTY 3-Month

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