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Market Report

Monday, 23-Nov-2015


  • The BSE Sensex seesawed between gains and losses before closing 49.15 points, or -0.19 per cent, lower at 25,819.34 today. The 50-stock barometer Nifty50 ended with losses of 7.30 points, or -0.09 per cent, at 7,849.25 today. Hindalco and Vedanta were the top losers on the BSE benchmark, down -4 per cent each on the BSE's move to exclude the scrips from its benchmark index with effect from December 21.

  • The domestic equity market traded rangebound through the day, as investors remained cautious ahead of the expiry of October series F&O contracts. Analysts see little to no movement in the benchmark indices in the coming weeks due to the impending US Federal Reserve meeting and the beginning of the winter session of Parliament.

  • The support level at 7700, which the market was forming in the last week or week-and-a-half, is a strong support level for the market, said Tushar Mahajan, of Nomura. But you have got the big Parliament session starting on Thursday, which will be a trigger for the market depending what happens to GST,he added.

  • Cut long positions if Nifty50 falls below 7,820, says Mitesh Thacker. Though we are still trading at around 7,825-7,835 zone, which is the immediate support level, we are just managing to hold on to those levels. I would rather look at some kind of strength coming in from these levels. Else I think if the next 1-2 days go on like this, then we are clearly looking at a strong possibility of resumption of downtrend, he says.

  • Expect Nifty50 to trade in 7,700-7,800 range till November F&O expiry, says Sandeep Wagle. In the intraday sense, we have done well to bounce back from 7,825, at a point when the index was threatening to break below 7,800. If that would have happened, then 7,700 would have been revisited. We are in a truncated week and I do not expect 7,800 on the Nifty50 to be broken, he says.

NIFTY 3-Month

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