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Market Report

Wednesday, 01-Apr-2015

NSE

  • The 30-share Sensex closed at 28,260.14 today, up 302.65 points or +1.08 per cent. It touched a high of 28,298.34 and a low of 27,889.02 in trade today. The Nifty ended at 8,586.25 up 95.25 points or +1.12 per cent. It touched a high of 8,603.40 and a low of 8,464.75 in trade today.

  • The Sensex rallied +2.92 per cent or 801.50 points for the week to post its biggest weekly gains since week ended January 23, Reuters reported. The 50-share Nifty index gained +2.94 per cent or 244.85 points in the same period.

  • Unwinding of short positions due to a holiday-shortened week also supported the market, traders said. According to experts, the upcoming January-March earnings and Reserve Bank of India's policy review on April 7 would be the next key trigger for the market. Experts feel that the near-term trend looks on the upside and investors are using dips to accumulate quality stocks to build their long term portfolio.

  • Market is witnessing some sort of bounce back, says Mitesh Thacker. And these bounce backs typically in corrective markets can be choppy. We are going through that phase, but overall as long as Nifty does not break 8470-8480, there is a good chance that we will head towards 8600-8630 on the upside, he adds.

  • Nifty will find it difficult to breach 9,000, says Ashwani Gujral. It appears that the market is into some sort of upswing. We will have to see how much is the short coverings and how much is the actual buying. I believe Nifty may stay in a range of 8,200-9,000. Nifty should not go beyond 9,000 levels easily. Hence, enjoy the upward momentum till it lasts. I do not see any strong buying coming in. Possibly at around 9,000 on Nifty, something will go wrong and the index would collapse.

  • The market will remain closed on Thursday, April 2, on account of Mahavir Jayanti and on Friday, April 3, for Good Friday.

NIFTY 3-Month

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