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Market Report

Wednesday, 14-Oct-2015

NSE

  • The S&P BSE Sensex slipped 66.87 points, or -0.25 per cent, to close at 26,779.66 while the 50-stock barometer Nifty50 ended 23.80 points, or -0.29 per cent, lower at 8,107.90 today. TCS and yesterday's winner Tata Motors were the top losers today. WPI inflation, which fell for the 11th successive month, failed to boost sentiment in the market.

  • The domestic stock market continued its losing streak for the third consecutive day, tracking muted trends in other Asian and European markets. A tepid start to the earnings season also weighed heavy on the equity benchmarks, which experienced range-bound trading through the day. Weakness in global peers on new signs of economic slowdown in China amid slump in the commodity prices also dampened the sentiments.

  • Despite negative global cues as well muted results from India's top two IT services exporter, the Nifty has managed to hold above 8,100 level on a closing basis. Most technical analysts on D-Street expect further consolidation in the market before the benchmark indices move higher. They say 8,100 is a crucial level to watch out for. Nifty50 continues to oscillate in a trading band between 8100 and 8,250.

  • A breakout below 8,040 on Nifty50 can create a bearish setup, says Mitesh Thacker. We still do not have a directional bias. I would turn bearish only if Nifty50 starts breaking below 8,030-8,040 on the downside. We will look for stock-specific approach as long as we do not break that range. I would be looking at adding more long positions anything close to about 8,200-8,220 on the upside, he says.

  • CNX IT gives sell signal on charts; Nifty may head towards 7,950, says Ashwani Gujral. While Nifty is holding on to 8,100, the rallies are becoming shallower. On Wednesday the index could not even cross 8,150. If this continues, at some point, the demand at 8,100 is likely to give way. There have been some indications as well, he says.

NIFTY 3-Month

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