IntradayTrade dot Net dot IN
Market Report

Monday, 04-May-2015


  • The Sensex closed today at 27,490.59, up 479.28 points or +1.77 per cent. It touched a high of 27,537.85 and a low of 27,159.45 in trade today. The Nifty ended at 8,331.95 up 150.45 points or +1.84 per cent. It touched a high of 8346.00 and a low of 8220.45 in trade today.

  • The S&P BSE Sensex surged 479 points on Monday after a long weekend, to post its biggest daily gain in a month. The 50-share Nifty index also surged as much as 150 points to reclaim its crucial psychological level of 8300-8330, supported by gains in pharma, IT auto, consumer durable, power and realty stocks. Hectic buying was seen in the last half-an-hour of trade.

  • Benchmark indices rebounded after losses in the previous three week to end nearly two percent higher, amid short covering, led by a rally in auto and oil stocks. The passage of the Finance Bill 2015-16 laying emphasis on clarifications on issues like the Income Tax Return form and the Minimum Alternate Tax (MAT) levied to FIIs also boosted sentiment.

  • Levels around 8,500-8,550 on Nifty likely, says Ashwani Gujral. In the near term, it just means that the negativity of the previous week has been taken out and hence a lot of short coverings will again come into the market. Nifty longs cannot be assumed for 9,000, but 8,500-8,550 seems to be coming back on the cards. Once the intraday pivot on a weekly basis gets crossed, which is basically previous week's high, it would suggest that some sort of an upswing has started, he said.

  • Expect Nifty to climb to 8,450-8,480 levels, says Mitesh Thacker. I had been saying that we will be trading with more of long bias starting this week. The Nifty has confirmed that action by not only testing levels of 8,300-8,320, but even closing above that. Now, we can safely assume that the 50-pack index may at least test 8,450 to about 8,480 on the upside. We might even see an extension beyond that. But for the time being, the said levels are good targets. That said, any declines to about 8,290-8,280 would be excellent levels to add on to long positions, he says.

NIFTY 3-Month

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