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Market Report

Thursday, 14-Jan-2016


  • The 30-stock Sensex pack eventually ended the day at 24,772.97 today, down 81.14 points, or -0.33 per cent. NSE's Nifty50 index closed at 7,536.80 today, down 25.60 points or -0.34 per cent.

  • Markets finished lower amid a volatile trading session weighed down by weakness in global stocks even as a stellar third quarter earmings from Infosys helped capped further downside. The domestic equity benchmarks continued to witness roller-coaster ride for the second day in a row today. After starting the day about 350 points lower, the Sensex recouped about 500 points to erase the losses and trade in the green. But the benchmark indices again slid into the negative territory towards the end of the session after the European markets opened in the red.

  • Meanwhile, the wholesale price index (WPI)-based deflation persisted for the 14th straight month in December with the index dropping 0.73% compared to 1.99% in November.

  • The Nifty50 has been in the extremely oversold territory, but has not shown the strength to turn around, said Mitesh Thacker. We have had two or three intraday bouncebacks, each one failing to get past the 7,590-7,610 zone, which is where a lot of intraday moving averages are converging. Till that level is crossed, I would not turn positive. But shorting in an oversold market may not be the best idea, he adds.

  • Though the Nifty50 is weak, it is in oversold levels and I do not want to go short, said Sandeep Wagle. You can get trapped on both sides. The 7,450-7,480 levels can act as a strong support and I do not think we will be in a hurry to cross the 7,600 mark, he says.

NIFTY 3-Month

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