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Market Report

Thursday, 05-Nov-2015

NSE

  • The S&P BSE Sensex slipped 248.72 points, or -0.94 per cent, to close at 26,304.20 while the 50-stock barometer Nifty50 ended 84.75 points, or -1.05 per cent, lower at 7,955.45 today, losing the 8000-mark while ignoring much of the positive global cues. Vedanta and Tata Steel were the top losers on the BSE benchmark, down -4 per cent, each.

  • The domestic stock market saw a steep decline in the clsoing hour of the trade after trading rangeboud all through the day, as investors continued to avoid initiating fresh positions before Sunday's outcome of the Bihar elections with exit poll results likely to come out later in the day at the end of the final phase of polling. The street is fearing that the Bihar election results may not be very much in favour of the ruling BJP.

  • Comments of US Federal Reserve chair Janet Yellen, who told in a testimony before the joint economic committee in Washington overnight that the Fed rate hike is now a 'live possibility', also weighed on investor sentiment. This has strengthened the fears of foreign fund outflows from emerging markets, including India.

  • Nifty50 to find support at 7,950-7,930, said Mitesh Thacker. Let us assume a scenario that we get a negative event. In such a case, I think we might open gap down and that could accelerate the selling pressure and we may see test of 7,800. Now suppose the level of 7,950 holds, and the market does not take the event very negatively and bounces back. Even then on the upside, anything beyond 8,100 looks extremely difficult, he said.

  • Any 30-40 point gap down on Nifty50 should be sold into, says Sandeep Wagle. The range of 8,000-8,150 for Nifty has not shifted on the downside. Now we are in the 7,800-8,000 range. Sell into at the gap down of 30 points and a bounce back, add on with a stop loss of 8,030-8,040 and look for a target of 7,800. It would make a good strategy for Nifty50 traders, he adds.

NIFTY 3-Month

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