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Market Report

Wednesday, 08-Apr-2015

NSE

  • The 30-share BSE Sensex rose +0.67 per cent to end the day at 28,707.75 up 191.16 points while the 50-shares NSE index Nifty gained +0.62 per cent, closing at the highest level since March 17 at 8,714.40 up 54.10 points. It fluctuated between a high of 8,730.50 and a low of 8,679.80 in intraday trade today.

  • Markets ended higher, amid strong Asian cues, led by index heavyweight Reliance Industries and IT majors while Coal India gained the most after the coal ministry allowed the company to revert to the old system, removing the cap on e-auction volumes with effect from April 2015. Our indexes marked their highest close in three weeks today.

  • Nifty to face tough resistance at 8,750-8,770 levels, says Mitesh Thacker. This ongoing rally is still fragmented in the sense that while the market breadth and the broader market participation have been encouraging, trading on key indices is still hinting at caution. Volumes have been very supportive. If we get pass 8,750-8,770 on Nifty, it will open doors for 8,950 levels. But, for the time being, 8,750-8,770 on Nifty will be difficult to get past. On the downside, 8,600-8,560 should act as a good support area, he says.

  • Nifty may head back to 8,000-8,200 levels if global markets turn unfavourable, says Andrew Holland of Ambit Investment. For the markets to move higher, we need a couple of things. Firstly, the global backdrop is helping us. That needs to continue. Secondly, there is the need to push through some of the harder reforms like land acquisition in the next parliamentary session. The markets will need to consolidate for a considerable time before earnings start to catch up with the ratings. Till then, 8500-9000 is the range. But if global markets turn unfavourable, then we could see the markets head back towards 8000-8200 levels, he warns.

NIFTY 3-Month

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