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Market Report

Friday, 29-May-2015

NSE

  • The S&P BSE Sensex closed the day at 27,828.44, up 321.73 points or +1.17 per cent. It touched a high of 27,888.32 and a low of 27,467.23 in trade today. The Nifty ended at 8,433.65, up 114.65 points or +1.38 per cent. It touched a high of 8443.90 and a low of 8305.70 in trade today.

  • The 50-share Nifty index climbed over 140 points in intraday even though other Asian markets closed on a muted note, ahead of GDP data for the quarter ended March. Value buying, hopes of a rate cut from RBI on June 2 are said to the top reasons why Indian markets were on a roll today.

  • Nifty witnessed a pullback rally, which pushed the index beyond its crucial psychological level of 8400, suggesting that the movement is on the upside, say experts. The way we are seeing, follow-up buying is happening in stocks, which are giving upside breakouts, is very encouraging, says Mitesh Thacker. This is a market where we will advocate trading long, looking at a first target of around 8500, possibly 8600 on the upside, he adds.

  • Ashwani Gujral, Fund Manager, advises investors to trade with strict stop losses. For the moment, your stops need to move to 8350 - so as a positional trader or a swing trader, those levels need to be held on to, he adds.

  • We believe, that the index is headed towards a crucial 8500 resistance next week, said Kunal Bothra of LKP Securities. With the RBI policy on Tuesday, and with the technical resistance at 8500 levels, we believe that its likely to be a crucial first half next week. If the data released is better than market expectations, the indices could very well start a fresh uptrend. However, any disappointment, could lead to a severe drawdown on the index and the broader market, he said.

  • After market hours: India's Gross Domestic Product (GDP) grew at a rate of 7.5% in the last quarter of the financial year 2014-15. This is exactly in line with the advanced estimates made by the CSO. Meanwhile, the government and businesses are pushing for an interest rate cut next week. Government is worried that companies are not investing enough and that a period of low inflation may be short-lived.

NIFTY 3-Month

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