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Market Report

Thursday, 04-June-2015

NSE

  • The S&P BSE Sensex ended the day at 26,813.42, down 23.78 points, or -0.09%. The broader 50-share Nifty closed session at 8,130.65, down 4.45 points, or -0.05%.

  • Markets ended marginally lower amid volatility extending the fall for fourth straight day dragged by metal and auto shares. However, value buying in financials and index heavyweight Reliance Industries helped cap the downside. The markets had opened on a flat note.

  • Dalal Street saw another day of high volatility, with 30-stock benchmark Sensex slipping nearly 300 points in afternoon trades and then getting back into the green zone before slipping in red again at closing. The broader 50-stock Nifty breached 8,100 in intraday trade and the Rupee hit day's low of 64.26 against the US dollar before seeing some recovery.

  • Nifty may see selling pressure at around 8,200-8,220 levels, says Mitesh Thacker. The market seems to be in bear grip. It is getting throwbacks because it has fallen too fast in the last few days. Eventually, today's low on Nifty would be broken. It could happen in two-five day's but eventually we will head towards 7,920-7,940, he says.

  • 8,056 on Nifty could be an invitation to initiate fresh shorts, says Ashwani Gujral. The most likely outcome is that Thursday's low will get taken out because the kind of pressure we have from that policy statement, we should get fairly close to 8,000 on Nifty in the next couple of days. Even as Thursday's pullback from intraday lows looked fairly huge, the market did not show any follow through. Thus, Thursday's low (8,056) becomes a trigger for a day trader to go fresh short on the market, he says.

NIFTY 3-Month

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