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Market Report

Monday, 23-Mar-2015

NSE

  • After rising to day's high of 28,385.14 in morning trade on emergence of value-buying by investors, the Sensex succumbed to profit-booking to touch a low of 28,163.90. It settled at 28,192.02, down 69.06 points, or -0.24 per cent. Today's closing is Sensex's weakest close since January 16. In four straight days, the Sensex has lost 544 points.

  • The NSE Nifty, which breached the 8,600-level to touch the day's high of 8,608.35 in early trade, fell back on broad-based selling. It then touched a low of 8,540.55 before closing down with a loss of 20.00 points, or -0.23 per cent, at 8,550.90 today. In four days, the Nifty has shed 172.90 points.

  • Markets ended marginally lower at nine-week low levels on weak European cues amid a choppy trading session, on lack of fresh triggers and caution ahead of the expiry of March derivative contracts later this week. Equity brokers said portfolio churning ahead of financial year ending on March 31 also dampened trading sentiments.

  • Markets have remained sluggish because of lack of fresh triggers both locally and globally. However, activity and volumes are likely to witness an uptick ahead of the expiry of March derivative contracts, said Jagannadham Thunuguntla of Karvy Stock Broking.

  • Nifty to see range-bound trading till F&O expiry, but is on course to hit 8,300, says Sandeep Wagle. I see Nifty trading in a 8,500-8,600 band till the expiry. I do not think that this range will be violated in a big way. Having said that, I see Nifty near 8,300 levels post expiry, may be in the next one week. I would play for that and banking space for the stocks in the banking space will lead the downfall, he says.

  • Market will hit bottom before earnings season kicks in, says Ashwani Gujral. The correction is just getting deeper. Anything that is shady and which has gone up quite a bit, is going to go under the hammer now. I do not think the market will have any mercy for any sort of stories. I would expect some sort of pullback from 8,500, but once that pullback is over, 8,150-8,200 pretty much should be par for the course. Before the next earnings season, the market will make this bottom. Whatever needs to be discounted will get priced in before the results kicks in. So, by 7th to 10th of April, chances are higher that you will see the lows of the market. After that whatever good news comes in, will get suitably rewarded, he says.

NIFTY 3-Month

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