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Market Report

Friday, 23-Jan-2015

NSE

  • The 30-share Sensex ended at all-time closing high of 29,278.84, up 272.82 points or +0.94 per cent. It touched an all-time high of 29,408.73 and a low of 29,165.56 in trade today. The Nifty ended at all-time closing high of 8,835.60, up 74.20 points or +0.85 per cent. It touched an all-time high of 8,866.40 and a low of 8,795.40 in trade today.

  • The indexes rose higher for seventh consecutive session and new highs were made for the fourth straight session, amid a rallly in global stocks, after the European Central Bank announced higher-than-expected monetary stimulus measures to boost the economy in the euro zone.

  • According to analysts, the market may see some volatility next week following outcome of Greece elections in truncated week. After hitting a fresh high today, derivatives analysts are predicting the Nifty to trade in the 8700-9000 range, with a positive bias, until the expiry of the current series of F&O contracts on January 29. Experts say that along with their positive bias in index futures, the net selling of options today by foreign investors indicates that FIIs expect markets to trade in a range, with a positive bias, over the next week.

  • Around the US President Barack Obama's visit to India, a lot of optimism has been built on the hopes of Indo-US strategic tie-ups in various sectors, including defence, nuclear, infrastructure and renewable energy. While the tie-ups will have far reaching effects, it will be only of sentimental value for the market. Essentially, the outcome of the Greece elections will be a key trigger and impact the global markets in the short term, say analysts. The Greece election verdict can impact and upset the upward run in the Indian markets and a steep unsustainable fall can be witnessed if an anti-Euro government comes in power in Greece.

  • Nifty might go into consolidation mode, says Mitesh Thacker. After a long time, the markets have not closed near the day's high. It is looking extremely overbought. So now, maybe time for some caution. Overall, the uptrend remains but after looking at the price action for last five-six days and typically the way we have closed today and the indicator position, I would now be in a more of wait for some kind of 100-120-point kind of decline before buying afresh, he says.

  • The Indian markets will be closed on Monday on account of Republic Day celebrations.

NIFTY 3-Month

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