IntradayTrade dot Net dot IN
Market Report

Tuesday, 29-Dec-2015

NSE

  • The S&P BSE Sensex fluctuated between gains and loss before ending the day higher by 45.35 points, or +0.17 per cent, at 26,079.48 today. The 50-stock barometer, Nifty50, ended the day at 7,928.95 today, up 3.80 points, or +0.05 per cent.

  • The domestic equity market remained rangebound all through the day amid thin trade, as investors booked profit after three successive sessions of gains. Lack of activity by foreign institutional investors and hesitation among investors ahead of the expiry of December series futures and options contracts weighed on the market. However, a rally in the European stocks ensured that the domestic equity benchmarks continue with their winning streak.

  • In the absence of any fresh triggers, investors would watch the movement in crude oil prices, which stabilized slightly on Tuesday after slipping more than 3% on Monday. Further, selling by foreign funds also weighed on market sentiment.

  • Once again the grind continues in the indices and 7,900 now becomes a crucial pivot, said Kunal Bothra of LKP Securities. 7,930-7,980 is a zone of resistance. Only once we cross this zone, I expect another surge of 3% atleast on the index in the very near term. Interestingly the discount on Nifty futures reduced dramatically today, which could indicate that selling pressure may probably have abated from a short term view. Bank Nifty outperformance led by few names such as Axis lends the much needed support, he adds.

NIFTY 3-Month

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