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Market Report

Friday, 08-Jan-2016

NSE

  • The S&P BSE Sensex closed at 24,934.33 today, up 82.50 points, or +0.33 per cent after hitting an intra-day high of 24,084, while NSE's 50-share barometre Nifty50 closed at 7,601.35 today, up 33.05 points, or +0.44 per cent after hitting an intra-day high of 7,634 today. The rupee was trading at 66.74, down 18 paise against the US dollar at the last report.

  • The domestic equity market broke a four-day losing streak and staged a smart comeback today, after a relentless selloff had sliced off over 1,200 points from the benchmark Sensex and dragged it below the psychological 25,000 mark. That marked a huge relief for investors, who had become nervous in the face of a massive selloff triggered by turmoil in China's economy and markets.

  • Our market followed cues from its Asian peers, as markets across the globe gained after China ditched the circuit breaker mechanism it had introduced earlier this week that was responsible for triggering a sell-off in Chinese shares, and which had halted the market twice in four sessions.

  • Nifty may go below 7,550 in the third week of January, says Mitesh Thacker. My understanding is that we are still poised for some more downside in the coming few days, but it could take a few days of consolidation before that happens. So, in that time we might do this 120-130 point range moves where you would want to trade stock-specific. Overall I think I am preparing for levels below 7,550 sometime in the third week of January, he says.

  • Maintain negative bias on Nifty50, says Sandeep Wagle. I want a strong close above 7,730 and then would I conclude that 7,550 bottom has been made. The trend is down as of now, and let us not assume it has turned around till that 7,730 is crossed on a closing basis. If it stays above that for a day or two only that will give me the confidence. So, till such time I would be only stock specific but on the Nifty I have a negative bias, he says.

NIFTY 3-Month

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