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Market Report

Tuesday, 03-Mar-2015

NSE

  • The 50-share Nifty ended at all-time closing high of 8,996.25 today, up 39.50 points or +0.44 per cent. It touched an all-time high of 9,008.40, breaching past the 9,000-mark for the first time, and a low of 8,925.55 in trade today. The 30-share Sensex ended higher by 134.59 points, or +0.46 per cent at 29,593.73 today. No new record - intraday or closing - was made by the Sensex today.

  • Today's market has shown that aversion of credit rating agencies to upgrade India to investment grade is unlikely to stop the market from cruising to new highs. The Nifty hit a fresh all-time high as it scaled past 9,000 level for the first time. The index is likely to continue the upturn in next few sessions, say analysts. The rally in Indian market had halted momentarily in previous session after comments from rating agency S&P hurt sentiment. According to analysts, the markets have rallied sharply in the past one year despite of unfavourable credit ratings. Now as macro are positive, it's a matter of time they will upgrade the rating.

  • Nifty has potential to move further higher towards 9,500 levels, says Ashwani Gujral. the Nifty has crossed 9,000 mark after a phase of consolidation. This should make the level more sustainable. In addition, the legs it is standing on -- Bank Nifty, CNX IT, entire Tata Group, Reliance, suggest further upside. From 9,000, the 50-pack index had earlier fallen to 8,500. Now, as it has breached 9,000 level, it has open up space all the way up to 9,500. But there will be choppiness unless we can gap up above 9,050 and more short covering takes it forward. We should head upwards from here in the next couple of weeks, if not tomorrow, he says.

  • After rallying by over 30 per cent in the calendar year 2014, Nifty has managed to add another 8 per cent to its tally so far in 2015. The basic technical structure is positive and the trend is still intact and has not been compromised as yet, said Prakash Gaba. A very strong support zone exists between 7,700 and 8,000. If the Nifty were to continue its journey up, then the next technical targets would be 11,050 to 11,142 in the days to come, he added.

  • Momentum to take Nifty to 9,300 levels, says Sandeep Wagle. We are in a broad range of 8,900-9,300. My target for the triangular pattern comes to somewhere around 9,300-9,350. I do not see a reversal at least till the levels are achieved. Pure momentum will take Nifty to 9,300 levels. We may then see the index spending some time in the 8,900-9,300 range. Any 50-70 point correction should be utilised to buy into stocks, he says.

NIFTY 3-Month

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