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Market Report

Wednesday, 04-Nov-2015


  • The S&P BSE Sensex closed 37.67 points, or -0.14 per cent, lower at 26,552.92 today while the 50-stock barometer Nifty50 ended 20.50 points, or -0.25 per cent, down at 8,040.20 today. ICICI Bank and RIL were the top losers on the BSE benchmark, down -2 per cent each. However, a stellar performance by auto shares with Tata Motors emerging as the star performer on the back of better-than-expected JLR sales in US, capped the downside.

  • After a robust opening, markets were unable to sustain the rally and finished the session on a flat note with a negative bias amid a volatile trading session as investors booked profits in the defensive pack at higher attractive valuations. Positive domestic data and a rally in other Asian markets kept investor sentiments buoyed through the day with the benchmark Sensex rising 200 points at one point. Meanwhile, caution ahead of the outcome of the Bihar elections has further dampened the sentiments.

  • Nifty50 not yet ready to get past the 8,150 mark, say experts. The daily move of Nifty50 clearly indicates lack of momentum. There is not much of change in the dynamics even though it managed to surpass 8,100 level in today's trade. For the time being, analysts advise traders to be patient. After six days of decline, the NSE benchmark is now finding its feet at around 8,000 level. More downside can be expected in case the index breaks below this. In that case we may probably test 7,950-7,930 levels, say experts.

  • Nifty may see further downside in next 2-3 sessions; 7,930 on the cards, says Mitesh Thacker. It still looks like a rangebound market. It may trade between 8,130 and 7,930 levels. But within that range, we are more likely to test the lower end in the next two to three sessions. A couple of days back, we got a pullback from 8,000, when the Nifty50 was in oversold territory. But looking at the way the Bank Nifty has shaped up, there is a good chance that this time we might break below 8,000 and head towards 7,950-7,930, he adds.

  • Nifty likely to test 7,950; index may find resistance at 8,100, says Sandeep Wagle. In the first hour of trading, it was very clear that the index was struggling to stay above that. Even as stock-specific moves were coming in, Nifty50 was never strong. Now, 7,950 on the index will be tested. But I would still not term call it a weak market. It is a rangebound market with a mild negative bias. We can utmost have a 100-point downside from the current levels, he adds.

NIFTY 3-Month

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