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Market Report

Monday, 16-Mar-2015

NSE

  • The Sensex closed the session at 28,437.71 today, down 65.59 points, or -0.23%. The broader 50-share Nifty ended the day at 8,633.15, down 14.60 points, or -0.17%. The Sensex slipped over 100 points soon after the inflation data came in at -2.06% for the month of February, and then got back in the green for a short while before settling the day 66 points down.

  • Markets ended lower, amid a choppy trading session as institutional investors booked profits on caution ahead of the two-day US Federal Reserve policy meet which begins tomorrow while further contraction in February WPI data weighed on investor sentiment. The Wholesale Price Index-based for February contracted further to -2.06% compared with -0.39% in the previous month, because of drop in global crude oil prices. Growth of manufactured goods remained flat raising concerns over the strength of the economy.

  • On an intraday basis, the Sensex has plunged over 1600 points from its all-time record high level of 30,024.74, reached on 4 March, 2015 to 28,384.09 (intraday) recorded today. According to analysts, most of the positives are already in the price and the market is awaiting fresh triggers for it to move higher. There is some bit of nervousness ahead of the crucial US Federal Reserve meet. Till that time the market is likely to come under a bit of profit booking and then consolidate in a range before resuming its uptrend, say experts.

  • Nifty to trade in a narrow range of 8,600-8,650, says Ashwani Gujral. Let us see what Friday or Thursday brings, but I do not think other than midcap pharma names you will see any major action in the next couple of days. You have to go with possibly look out for stock/sector-specific triggers. Nifty may remain in a narrow range of 8,600-8,650, he asserts.

  • Maintain negative bias; Nifty may slip below 8,500 level, says Mitesh Thacker. Nifty remains weak today. The defining factor could be Bank Nifty. It has not yet broken 18,500 levels, but that is where the breakdown could happen. It it breaks below the level, then you might see a sharp decline both in Bank Nifty and Nifty. Overall, there are good chances that if Nifty fails to get pass 8,700, then we are heading towards 8,500 or sub-8,500 level. Therefore, 8,520-8,480 are the levels which I am watching on the downside, he says.

NIFTY 3-Month

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