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Market Report

Wednesday, 18-Nov-2015

NSE

  • The Nifty50 closed 105.75 points, or -1.35 per cent, lower at 7,731.80 today. It hit a low of 7,725.05 and a high of 7843.40 in intraday trade. The S&P BSE Sensex ended 381.95 points, or -1.48 per cent, lower at 25,482.52 at the close today. It hit a low of 25,453.32 and a high of 25,890.36 during the session. Hindalco and Infosys were the top losers on the BSE benchmark.

  • The domestic market tanked in late afternoon trade after remaining rangebound for most part of the session. The benchmark indices tracked the weakness in global markets, as Europe traded lower after gun battles were reported in North Paris in a hunt for suspects related to the Paris terror attack on Saturday. Further, caution was also seen ahead of the Federal Open Market Committee which is scheduled to release the minutes of its last policy meeting held on October 28 later today which would signal the US Fed's stance on interest rates.

  • The S&P BSE Sensex plunged nearly 400 points in today's trade, while the Nifty50 broke below its crucial psychological support level of 7,750. The 50-stock index is now trading close to its crucial support of 7,700. The bank Nifty closed -1.92 per cent lower today and there is a possibility that this index may open lower on Thursday, which will trigger further correction in Nifty50, say analysts.

  • The Nifty50 has seen a breakdown below 7,800-7,780, which should not have been broken, says Sandeep Wagle. I would not rule out a move to 7,600-7,550 or somewhere around that. The pattern of the bank Nifty futures suggest there can be some immediate downside, maybe on Thursday itself or over the next day or two, Wagle said. I do not expect the Nifty50 to bounce back. The 7,800 level is a very crucial support, which has been broken and now I think we are heading towards 7,550, he added.

  • In most likelihood, if the CNX IT starts dropping below 10,750, it would signals the continuation of Wednesday's pattern, says Mitesh Thacker. In that case, we may see Nifty50 testing the immediate support level of 7,600. An immediate fall in the Nifty50 should take the index lower by about 120 points in the next 1-2 sessions. But in case we bounce back from close to the earlier lows of 7,720-7,700, then we might have a couple of days of more stability. Very clearly bank Nifty is also losing momentum, he added.

NIFTY 3-Month

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