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Market Report

Thursday, 09-Apr-2015

NSE

  • The Sensex ended the day at 28,885.21; up 177.46 points, or +0.62 per cent. The index had opened with a gap-up following a rating outlook upgrade by Moody's and ended the day on a positive note today after witnessing a choppy trade through the day in a 100-point range.

  • The Nifty closed the session at 8,778.30; up 63.90 points, or +0.73 per cent. It recorded a high of 8,785.50 and a low of 8,682.45 in intraday trade today.

  • Markets gained for the fifth straight session led by a rally in bank shares after global rating agency Moody's revised India's sovereign outlook to positive from stable while Reliance Industries extended gains on talk of huge gas find. However, today's last-hour jump may not be attributed to Moody's move as the trend was seen yesterday too, when the Sensex saw a surge in late trade, closing 191 points up after moving in a narrow range through the day.

  • Nifty may climb another 150-200 points; book profits at higher levels, says Ashwani Gujral. This is a massive pullback rally because in a bull market you get sideways markets, where approximately the upswings and downswings become equal in length. This is one such upswing, which may not live long. It is probably getting to its final phase. We may utmost see a 150-200 point further upside on Nifty, he says.

  • Positive momentum to stay intact; Nifty to test 8,865 levels, says Mitesh Thacker. Overall, the market should move upward. Since, we have managed to get pass 8,750 on Nifty, the next target for the index is 8,865. We may even test 8,945-8,950 on the upside. Unless and until, we see 8,680 on Nifty, the immediate bias would still be on the upside. Having said that, I do not see 8,950-9,000 levels being easily crossed, he adds.

NIFTY 3-Month

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