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Market Report

Monday, 22-Feb-2016

NSE

  • The BSE S&P Sensex ended a choppy day +0.34 per cent, or 79.64 points, higher at 23,788.79 today, while the NSE's Nifty50 index rose +0.33 per cent, or 23.80 points, to end at 7,234.55 today. On Friday, the 30-share BSE benchmark had gained 59.93 points to end at 23,709.15, while the NSE's 50-share index had closed 19.00 points higher at 7210.75.

  • Extending their gains for the fourth consecutive session, benchmark indices ended the session on a firm note buoyed by the rally in global markets amid gains in international crude oil prices. The stock market did not witness much action and closed the day with marginal gains, as buyers turned cautious ahead of the Union Budget, which will be unveiled on February 29.

  • In the backdrop of a weak global macroeconomic environment, the Union Budget FY2017 could play a vital role in improving business and market sentiments as it will lay down the government's fiscal consolidation, infrastructure investment and tax reform plans. Market experts advised investors to maintain long positions and continue buying.

  • We were looking at 7,250-7,270 as a target for the Nifty50, correspondingly 23,850-23,900 for the Sensex, said Mitesh Thacker. The intraday high is close to about 23,855, which is a good level to book profits. My sense is that the falling gap, which was there when we broke these levels sometime in the second week of February, will act as a very important support, he says.

  • My suggestion would be to continue to hold long positions because the market has traded higher so far at 7,257 on Nifty future. I think the way the market is building up, it indicates that we might probably make it on the future to about 7,290 or 7,295, which is the immediate target, said CK Narayan of Growth Avenues.

NIFTY 3-Month

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