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Market Report

Thursday, 05-Feb-2015

NSE

  • The 50-share Nifty gave up all intraday profits in the last hour of trade and ended at 8,711.70 today, down 12.00 points or -0.14 per cent. It plunged after hitting an intraday high of 8,838.45. The index touched intraday low of 8,683.65 today. The S&P BSE Sensex closed at 28,850.97, down 32.14 points or -0.11 per cent. It swung 524.54 points from intraday high of 29,277.83 to slip to intraday low of 28,753.29 today.

  • The Nifty extended losses for fifth straight session and closed at two-week low as Greece concerns hit global markets. The European markets fell after the European Central Bank stopped accepting Greece bonds. According to analysts, disappointing quarterly results and weak global markets are likely to keep the market under check and investors should utilise corrections as buying opportunities.

  • 8600-8620 levels to be key support area for Nifty in the coming days, says Mitesh Thacker. On the Nifty, we still are above the earlier swing high and the 20-day average. But the selling was definitely ferocious today. Clearly, it did break trend of lot of individual stocks. The Bank Nifty still trades at support level of the gap up which happened on the interest rate cut day. So we have not broken down but in the short term it suggests that the markets will remain range bound. They need to consolidate much more before we start moving up, he says.

  • Budget may hold market from falling to certain levels, says Ashwani Gujral. If 8600 goes, then you will hear screams of people because that is when the real unwinding will start and you will have some kind of panic. If global situation gets bad, you could get the market below 8600. And that would be the real buying opportunity. The buying that we are seeing at the moment is unable to take the market too much higher from where it starts. So chances are that we need possibly to go lower before we can find sustainable support. Budget may hold on the market by propping up certain sectors but I do not think so far there is great evidence of the selling to have stopped because last one hour, what you saw was selling and not lack of buying, he says.

NIFTY 3-Month

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