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Market Report

Friday, 22-May-2015

NSE

  • The Sensex ended the day at 27,957.50 today, higher by 148.15 points or +0.53% and the Nifty settled at 8,458.95, up 37.95 points or +0.45% in a voilatile session. In intraday, the Nifty touched a high of 8489.50 and a low of 8420.60 which means a range of only 70-odd points.

  • The stock markets closed at their 4-week highs, with the Sensex re-claiming the psychological 28,000 mark earlier in the trading session to touch an intra-day high of 28,071, as investors appear to be buying equities on comfort that the RBI may ease rates in June, while the US Federal Reserve may not raise rates any time soon. Sentiment was also boosted after the country's largest lender SBI reported decline in bad loans, and strong Q4 profits despite higher provisioning. This led to expectations that the entire banking sector will turn the corner, going ahead.

  • Meanwhile, the southwest monsoon has reportedly advanced further and arrived over Sri Lanka. The private weather forecaster Skymet has said that Weather conditions favour the advancement of Southwest Monsoons, indicating its timely onset over Kerala.

  • Suggest to hold on for longer term in case Nifty corrects, says Ashwani Gujral. It does not feel like an upswing. It is not a very confidence inspiring rally. We are holding on to longer term positions where we are fine if the Nifty goes for a 150-point type of dip. What the market is indicating is that above 8450, its life is limited and that is how you need to play it. Meanwhile, tech continues to gain strength, he adds.

  • Markets may move up once Bank Nifty breaks 18556 levels, says Mitesh Thacker. Market has not yet met the first target of around 8500, and we did not see strong momentum coming. It is not falling. That is the nice thing and today the Bank Nifty was still quite up. Once the Bank Nifty gives this breakout from this 18253 to about 18556 kind of range, we might see momentum spill over to the Nifty, he says.

NIFTY 3-Month

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