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Market Report

Thursday, 29-Jan-2015

NSE

  • The Nifty bounced back in the last half-hour of trade to reclaim its crucial psychological level of 8950 on the back of short coverings on the last day of January series supported by gains in capital goods, FMCG, Oil & gas and realty stocks. The 50-share Nifty closed at 8,952.35 today, up 38.05 points or +0.43 per cent. It touched a high of 8,966.65 and a low of 8,861.25 in trade today.

  • The S&P BSE Sensex ended at 29,681.77 today, up 122.59 points or +0.41 per cent. It touched a high of 29,740.63 and an intraday low of 29,378.30 in trade today. Both indexes recorded all-time new closing highs today and have gained for the 10th straight session, in the longest rally since April 2014. Meanwhile, total volumes have kept increasing and foreign investment is coming into our market heavily. Almost identical figures in the last 2 days. See our 'Market Statistics' page.

  • The government's decision to drop a tax dispute with Vodafone Group Plc, stake sale in Coal India and lower crude oil prices acted as triggers for the market in today's session. The decision in the Vodafone case comes as a relief for Royal Dutch Shell PLC and others caught in similar, protracted battles, as the government tries to attract much-needed foreign investment.

  • The index continues to remain in uptrend with support seen at 8,775 levels, said Sahaj Agrawal of Kotak Securities. On the higher, side 9,300-9,350 can be tested. Options open interest build up is seen at 9,000 calls and 8,800 put options indicating a narrow range for the initial few trading sessions. Breach of 8,775 is expected to invite significant selling pressure, he added.

  • We reiterate our view that index would undergo in the consolidation phase prior to next directional move, says Jayant Manglik of Religare Securities. Hence, traders are advised to maintain stock specific approach and keep trailing stop losses with every rise. On the other hand, investors should utilize any decline as a buying opportunity and give preference to private banking, pharma, FMCG and select capital goods counters for fresh long positions, he adds.

  • Markets to move up further from here, says Ambareesh Baliga. The new series is going to be the pre-budget session and normally we see a rally in pre-budget. The markets have moved up quite sharply in the last 10 to 14 days and this will continue based on expectations from the budget. Markets will hold on and still move up further from here but fundamentally the market has become quite expensive. It can become more expensive from here so I would say it is possibly a trader's market where one can take a bullish stand at least for a little while longer, he adds.

NIFTY 3-Month

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