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Market Report

Thursday, 19-Mar-2015

NSE

  • The 50-share NSE Nifty ended today with a loss of 51.25 points, or -0.59 per cent, to settle at 8,634.65 after touching the day's high of 8,788.20 and a low of 8,614.65. The 30-share Sensex had risen to a day's high of 28,978.74 in early trade and remained in the green for a major part of the session amid firming global cues. However, a late sell-off by participants dragged down the Sensex to touch the day's low of 28,411.70 points. It closed with a loss of 152.45 points, or -0.53 per cent, at 28,469.67 today. The gauge lost 114.26 points yesterday in a volatile trade.

  • Benchmark indices ended lower for the second straight session amid volatility after profit booking emerged during late noon trades in banks, auto and RIL shares erasing early gains. Both the indices had gained more than 1% in early trades after the US Federal Reserve's outcome that it will wait for more reassuring cues from the economy before any hike in key rates.

  • Most analysts on Dalal Street described it as a relief rally, which took the Sensex closer to its crucial psychological level of 29000 earlier in the trading session. But, near-term concerns such as corporate earnings growth, larger NPA issues in the banking systems will still weigh on the index at least in the near term, say experts. Globally, most of the other Asian equity markets outside Japan rallied after comments by the US Federal Reserve cooled the expectations of an early rate hike.

  • This fall in index has completely engulfed the rebound of last three sessions, which indicates further fall in the coming sessions, said Jayant Manglik of Religare Securities. We are still upholding our downside target of 8475 in Nifty. Considering the market volatility, traders should maintain extra caution and avoid overleveraging at current levels, he said.

  • Nifty in sell mode; weakness may continue to persist, says Prakash Gaba. Unless the index crosses above 8,740-8,750, we must assume that the trend is negative. Whether it bounces back or not, the index certainly looks weak given the structure and the technical patterns out there; they all are suggesting weakness. We may thus see lower levels, he says.

  • Go short if Nifty moves higher towards 8,670-8,700 zone, says Sandeep Wagle. I would wait for bounce back after such a fall. The Nifty is likely to test 8,500. If that does not happen, then I would be seriously worried. We are into a deeper correction. A sell off would come once Nifty falls below 8,500. If it happens, then the index can go down all the way to 8,150 levels. Having said that, as of now I would play for that 100-point downside. I would be more comfortable selling if there is any move towards 8,670-8,700 levels, he says.

NIFTY 3-Month

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