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Market Report

Monday, 30-Mar-2015

NSE

  • The 30-share Sensex surged as much as 559 points to reclaim its crucial psychological level of 28000 in trade today. The index finally closed at 27975.86, up 517.22 points or +1.88 per cent. Tracking the momentum, the 50-share Nifty index also managed to rally over 150 points, but closed shy below its crucial psychological level of 8500. The 50-share Nifty index ended at 8492.30 up 150.90 point or +1.81 per cent. It touched a high of 8504.55 and a low of 8380.75 in trade today.

  • Benchmark indices ended nearly 2% higher snapping eight-day losing streak amid a broad-based rally led by index heavyweight, capital goods and bank shares while firm global cues and strength in Asian markets also aided the upmove. Short sellers were forced to cover their shorts and this helped the markets to a certain extent. Traders said concerns about rising tensions in the Middle East and that India's earnings growth would be protracted compared to estimates had been overdone, while the start of a new derivative series and a new fiscal year on Wednesday also helped the upmove.

  • Point to note today: On a day when the Nifty has increased by more than 150-points, foreign investors have been net sellers. On a day when the market has gone up nearly +2%, total volume has been very low. See our 'Market Statistics' page. Maybe this is suggesting that this upsurge will not last. This is just a technical bounce-back. Many experts tend to agree with us.

  • Markets may turn choppy; 8,380 on Nifty likely, says Mitesh Thacker. It seems that the benchmark indices are witnessing a counter-trend bounce back. Generally, bounce backs are choppy in nature. Hence, I would expect next one-two days to be slightly more volatile. We saw an extremely positive trend today, and unless and until 8380 is being broken on the downside, there is a good chance that we will see an extension to this pullback. The first level now should be 8500 to 8520 with 8600 also as a possibility before some selling kicks in, he says.

  • Today is a pullback because till 8500-8520 is not crossed, you would assume that possibly the market can go back towards the lows, says Ashwani Gujral. Which essentially means that while we may have turned sideways, it is still not clear that the market is going to just keep heading up in one direction. The best course of action is to wait and see what happens at 8500-8520. Chances are that we will see one more pullback and then you can say that the market is bottoming out and getting ready for the next up move, he says.

NIFTY 3-Month

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