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Market Report

Wednesday, 18-Feb-2015

NSE

  • The 30-share Sensex ended at 29,320.26, up 184.38 points or +0.63 per cent. It touched a high of 29,411.32 and a low of 29,126.91 in trade today. The 50-share Nifty ended at 8,869.10, up 59.75 points or +0.68 per cent. It touched a high of 8,886.50 and a low of 8,808.90 in trade today.

  • Benchmark indices ended higher for the sixth straight session led by the gains in financials, information technology and select auto stocks on hopes that the government will give a strong thrust to the reform agenda in upcoming budget which along with benign inflation data may provide the cue to the central bank to cut key rates further. There was sustained buying from foreign investors today that helped the market go up towards the end.

  • Budget related sectors doing better than others, says Ashwani Gujral. Market is stock specific, sector specific. So you should look at railways, defence, housing, finance etc. but across the board I do not think it is a market that is really running up. The way IT and FMCG are performing suggest that investors are getting defensive before the budget and that explains why the market is not able to make big moves, he says.

  • See Nifty breaking above 8950-8980 levels if Budget 2015 is positive, says Mitesh Thacker. What we are doing now is exploring some kind of short positions at higher levels. We might be in this minor kind of range of 8950 acting as some kind of supply zone and 8820-8830 acting as support zone but eventually we should break higher unless something negative comes up as we approach the budget session. The key here could be the Bank Nifty which has been underperforming and that needs to start getting past 19,400 levels, once that happen you will see some kind of momentum pick up in bank which could aid the Nifty movement, he says.

NIFTY 3-Month

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