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Market Report

Thursday, 17-Mar-2016

NSE

  • The 30-share S&P BSE Sensex, which saw a 370-point swing, closed 5.11 points, or -0.02 per cent lower, at 24,677.37 today. The Nifty50 closed above its key support level of 7,500, at 7,512.55 today, up 13.80 points, or +0.18 per cent. The Nifty50 had reclaimed its crucial psychological level of 7,550 at the opening itself.

  • Benchmark share indices came off their intra-day highs to end very flat, tracking weak European cues, amid selling in late trades with pharma shares leading the decline after the government's recent ban on combination drugs. The benchmark equity indices traded with heavy gains through the day as a dovish commentary by the US Federal Reserve sparked a risk-on rally in the market. However, a capitulation in the European markets saw the benchmark indices give up most of their gains in last hour of trade.

  • A surge in oil prices close to $40 a barrel as producers agreed to hold talks next month to keep the output at current levels, also aided the market. But mixed cues from global markets, especially Europe, pulled the market down towards the second half of the trading session.

  • All the risk that we are worried about - be it a big global commodity trading company going bust or a serious contagion risk or a serious yuan devaluation, for the next three-six months - we can be reasonably sure that those risks have been pushed away, said Neelkanth Mishra of Credit Suisse. The volatility will persist, but for now, I do not see any reason for Sensex to fall below 23,000-24,000, he said.

  • Till Nifty is trading above the 50-day moving average which is placed near to 7,400, any correction is a buying opportunity. I think one can buy Nifty at current levels, keep a stop loss below 7,480, said Manas Jaiswal.

NIFTY 3-Month

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