IntradayTrade dot Net dot IN
Market Report

Friday, 20-Nov-2015

NSE

  • The S&P BSE Sensex rallied as many as 217 points in intraday trade, but pared most of the gains in last hour of trade to close at 25,868.49, up +0.10 per cent, or 26.57 points. The 50-stock barometer Nifty50 gained 13.80 points, or +0.18 per cent, at 7,856.55 today. Gail and Wipro were the top gainers on the BSE benchmark. The index ended the week with gains for the first time in four weeks; Sensex gained 257 points, or +1 per cent while NIfty was up 94 points, or +1.2 per cent this week.

  • Indian equities erased early gains to end flat amid profit taking in late trades even as gas distributors gained the most while consumer discretionary shares led by autos gained on hopes that the pay hike proposed in the seventh pay commission may boost demand.

  • The Nifty50 has bottomed out and we have broken the crucial resistance at 7,850. So we are looking at a 70-80 point upward move on the Nifty50 and, probably, a 200-point bounce on the bank Nifty, said Sandeep Wagle.

  • Next week we may see some kind of volatility, as it is the expiry week. But you might see Nifty50 reclaiming 8,000. Overall, the target remains at 8,200 for the next few days, said Rahul Shah of Motilal Oswal Financial Services.

  • Try to square off long positions on Nifty50 in 7,930-7,950 range, says Mitesh Thacker. I think getting past 7,950 now looks very difficult. Getting past 7,850-7,870 on the Nifty50 was thought to be a positive technical event. The index just cut gains towards the end. We will have our next call on Monday, where we would judge whether the index shows strength beyond 7,850. If we do not get a gap down on Monday, then all should be okay. We should still continue the journey on the upside. In the downside, in case we start breaking 7,800, then I think we should possibly again slide down to 7,700 immediately, he adds.

NIFTY 3-Month

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