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Market Report

Friday, 06-Feb-2015

NSE

  • The 30-share Sensex closed at 28717.91 today, down 133.06 points or -0.46 per cent. It touched a high of 28922.85 and a low of 28647.14 in trade today. The Nifty closed below 8700 mark at 8661.05 down 50.65 points or -0.58 per cent. It touched a high of 8726.20 and a low of 8645.55 in trade today.

  • Our markets slipped today on muted earnings and worries that the Bharatiya Janata Party may face defeat in Delhi elections. Tracking the momentum, the 50-share Nifty index also came under pressure and closed in negative for sixth day in a row, weighed down by losses in auto, banks, capital goods and power stocks.

  • In six straight sessions, the BSE index has plunged by 963.86 points or -3.24 per cent. On a weekly basis, the Sensex lost 465.04 points. This is its biggest weekly drop since the week ending December 12, 2014 when it had plunged by 1,107.42 points.

  • Globally, Asian stock markets were trading mixed in early trade ahead of the closely-watched US jobs report while apprehension about Greece's bailout programme also weighed. Japanese shares rose today after oil prices rebounded, but investors remained cautious ahead of a US jobs report later in the day that could give clues on the timing of the US Federal Reserve's plan to raise rates.

  • Nifty to find support at 8640-8650 levels, says Mitesh Thacker. We are very close to earlier highs and support levels of 8640-8650. In case we start breaking below that and that certainly is a possibility considering we had a relentless decline in the last four days. But there is a good chance that from 8620-8630 levels we might get some kind of a bounce back, albeit a choppy one to about 8750-8780 on the upside. However, I am not sure whether we will have a breakdown immediately or whether we will reverse the trend from here. But for the time being, I will possibly play for a pullback unless we see Nifty start closing below 8600 and then look at further corrections, he adds.

  • Expect choppiness in market to continue, says Ashwani Gujral. I do not think market really cares about Kejriwal beyond a couple of power companies, and last week the Dow was up almost every day but we did not respond. The issue here is that there were excesses built into the Bank Nifty and those excesses are getting cleaned out. So till those excesses are not cleaned out, it will be difficult for the market to bounce back beyond the choppiness that we see and chances are even if the events are favourable, the trend of the market remains down. Remember, we are only in this second week of a Bank Nifty decline. The average decline is three to five weeks, he warns.

NIFTY 3-Month

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