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Market Report

Tuesday, 19-May-2015

NSE

  • Snapping a 2-days rally, the BSE Sensex closed the day at 27,645.53 today, down 41.77 points or -0.15 per cent. The NSE Nifty closed at 8,365.65 down 8.00 points or -0.10 per cent down. The Nifty had touched a high of 8427.80 and a low of 8335.00 in intraday trade today.

  • Indian markets took a pause and ended the day in the red after flip-flopping between red and green zones through the day in an about 100-point range. The broader 50-share Nifty reclaimed 8,400 for the first time since April 24 in intraday trade, but ended the day below that psychological mark.

  • The valuation of holdings by domestic institutional investors (DIIs) in NSE-listed firms hit a 6-year high of Rs 10.21 lakh crore at the end of March 2015 on account of buoyant markets, says Prime Database. In percentage terms, DII holding in NSE-listed companies went up to 5.01 per cent at the end of March 31, 2015, from the year-ago level of 4.58 per, on an aggregate basis. However, DIIs holding was lower than FIIs stake, which stood at 6.44 per cent during the period under review.

  • Nifty may rise towards 8500 if 8,320 hurdle is breached, says Mitesh Thacker. We would want to have a look at some kind of trailing levels. The first level is around 8,320. If Nifty starts breaking below 8,290-8,280, I would be more concerned and possibly liquidate long positions immediately. In such a case, I may also think of shorting index positions. For the time being, as long as we remain above 8,320, I have still maintained targets of around 8500 plus on the Nifty. But, on Tuesday, some kind of a pullback on intraday basis appeared to me, he added.

  • As long as Nifty holds on to its 20-day moving average of 8,270-8,280, any correction would be acceptable, says Ashwani Gujral. The recent declines in Nifty, which saw the index falling as much as 200 points in intra-day trades, have hurt the investor confidence badly. Every day, one has to look at the flows whether DIIs are the only buyers because the DIIs are longing only below 8,500. What will happen above 8,500? That needs to be looked at. That said, 8,280 on Nifty should be the stop loss. If that level gets taken out, you must atleast get out of your long positions, he says.

NIFTY 3-Month

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