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Market Report

Friday, 10-Apr-2015

NSE

  • The Sensex ended the day at 28,879.38, down 5.83 points, or -0.02 per cent. The index slipped over 100 points in trade today, before closing the day in the red. The Nifty closed the session at 8,780.35, up 2.05 points, or +0.02 per cent. It recorded a high of 8,787.40 and a low of 8,733.60 in intraday trade today.

  • Benchmark share indices ended flat, so flat that one index closed in the red whilke the other closed in green, amid a range bound trading session as gains in select index heavyweights failed to offset losses in private banking majors even as telecom shares rallied on hopes that they would hike tariffs.

  • Expect Nifty to stay in a broader range of 8,400-9,000 in near term, says Mayuresh Joshi of Angel Broking. It's difficult to say whether the uptrend might continue in the near future. Markets will considerably rely on Q4 earnings. So it will be crucial to see how the IT companies perform. However, the downside is also probably restricted, he says.

  • Midcap portfolios may outperform largecap indices, says Ashwani Gujral. We are into a midcap rally. The midcap index is at all-time high, but there is nothing significant on the largecap space. Banks are not participating. Midcap portfolios may perform much better than largecap indices. The next port of call should be around 8,900-8,950 over the next couple of weeks, he says.

  • 8,865 on Nifty holds the key, says Mitesh Thacker. For Nifty, upside is likely till 8,865. In case it breaches that level, then 8,950 would be an important level to look at. I do not see upside beyond 8,950 on Nifty. Hence, it is only about couple of percentage points upside is left from here on. Having said that, the immediate drift of the indicator is on the upside. We might not see big declines coming in as yet, he says.

  • After market hours: The Index of Industrial Production (IIP) for February grew at a robust 5% versus a contraction of (-)2% in February last year. This is its fastest pace in nine months, mainly driven by growth in capital goods and consumer goods sectors. The April-February IIP stands at 2.8% versus (-)0.1% YoY. The IIP data for January has been revised to 2.8% from 2.6%.

NIFTY 3-Month

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