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Market Report

Monday, 21-Dec-2015

NSE

  • The S&P BSE Sensex surged 216.68 points, or +0.85 per cent, to end at 25,735.90 today and the Nifty50 climbed 72.50 points, or +0.93 per cent, to end at 7,834.45 today.

  • The domestic equity market witnessed a smart rebound in today's session to wipe out initial losses and end almost +1% higher amid buoyancy in Asian and European stocks and a bullish indication from US stock futures.

  • Markets ended the first trading day of the truncated week on a firm note amid fresh buying interest as investors heaved a sigh of relief after the uncertainty over the US Federal Reserve interest rate hike got over last week. A stellar rally was seen across the metal stocks after the government decided to slate a minimum import price (MIP) for steel in order to prevent cheap imported steel from flooding the market.

  • No question of being bearish on the market, says Sandeep Wagle. I would talk of Nifty trading in a range of 7,750-7,900 probably that can be stretched to 7,950. Maybe this week we may not see that great an action but there is no question of being bearish. I expect some action tomorrow, but I would still buy nearer 7,800-7,780 in case of a correction rather than sell. And, I think 7,900 is very much on the cards as far as the Nifty is concerned, he says.

  • Trade with a long-bias on a stock-specific basis, says Mitesh Thacker. The level to watch on the upside is 7,850-7,860. If we start getting pass 7,850-7,860, then we will see Nifty50 pick up more strength and possibly 7,950 should be tested on the upside. But while the index might not be very exciting, individual stocks in this kind of movement are showing lot of traction and very strong positively biased chart structure. So, we are trading with more of long bias on stock specific basis, he adds.

NIFTY 3-Month

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