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Market Report

Monday, 09-Mar-2015

NSE

  • The S&P BSE Sensex closed at 28844.78 today, down 604.17 points or -2.05 per cent. It touched a high of 29321.06 and a low of 28799.76 in trade today. The Nifty ended at 8756.75 down 181.00 points or -2.03 per cent. It touched a high of 8891.30 and a low of 8740.45 in trade today.

  • The Sensex cracked more than 600-points to close below its psychological level of 29000. Tracking the momentum, the 50-share Nifty index also slipped below its crucial psychological level of 8800. Benchmark share indices ended near one-month low, tracking a sell-off in global stocks, with bank and information technology shares leading the decline. Further, fears of foreign fund outflows in the short term amid sooner-than-expected hike interest rates by the US Fed in wake of robust jobs data also dampened sentiment.

  • Globally, Asian markets were trading sharply lower tracking losses on Wall Street after robust US jobs data. Among the major indices, Nikkei ended down -1% while Straits Times, Hang Seng were also down. However, China's Shanghai Composite ended up +1.9% after data showed that exports gained pace in the January and February 2015. European shares were also trading weak after the sharp fall in US stocks while decline in exports from Germany during January also dampened sentiment.

  • A close below 8,670 level would call for a deeper correction in Nifty, says Mitesh Thacker. You might see Nifty breaching the 8700 level in intraday trades. One may expect around 8,730-8,680 levels. There are multiple support levels, but the medium term indicators have definitely weakened with the recent fall. If you get a bounce back from around these levels I would still be exploring more of shorting opportunities at any levels of closer to 8,800 to about 8,820. Eventually, you might actually break below 8,670, he adds.

  • Nifty to find strong support at 8,680 level, says Sandeep Wagle. Levels around 8,680 for Nifty should not be broken. If the said levels are breached, then we may go down all the way to 8,450. I would watch 8,680 level closely. In case, the index holds on to the level, then we may claw back to 8,850-8,900. At those levels, one can create short positions, keeping 8,700-8,900 range in mind, he says.

NIFTY 3-Month

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