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Market Report

Friday, 17-Apr-2015


  • The S&P BSE Sensex ended the day at 28,442.10, down 223.94 points or -0.78 per cent in trade on Friday, led by losses in TCS, Infosys, ICICI Bank, Sun Pharma and Axis Bank. The 50-share Nifty index ended at 8,606.00, down 100.70 points or -1.16 per cent. The Nifty fluctuated between a low of 8,596.70 and a high of 8,699.85 in intraday today.

  • Markets ended lower for the third straight session weighed down by information technology shares after TCS reported lower-than-expected revenue growth in constant currency terms in the fourth quarter while profit taking in private lenders and pharma shares further added to the losses.

  • Big correction imminent; midcaps may come under the hammer, says Ashwani Gujral. The market sentiment is weak. We can expect many sharp falls in the days to come. One must note that midcap stocks are yet to see any meaningful correction. Chances are good that these counters may come under the hammer as everything seems to be weakening altogether. That said, there are chances that we may see a gap up opening on Monday on the back of good results. You may have a 50-point gap up on Nifty, before any selloff kicks in. The psychology of the market is different now. Overall, this will be a bigger correction than what we have seen till now, he says.

  • Look for shorting opportunities on IT, banking, pharma counters, says Mitesh Thacker. Both CNX Bank and CNX IT are looking weak. You may look at shorting opportunities in IT and couple of pharma names, in addition to banking names. These are the stocks that are showing corrective patterns. The trend may last for another few weeks, he says.

NIFTY 3-Month

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