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Market Report

Friday, 05-June-2015


  • The Nifty fell by 15.95 points or -0.2 per cent to close at 8,114.70 today, bringing its weekly loss to -3.78 per cent - the biggest since a 4.4 per cent fall in December 2011. The benchmark Sensex fell by 44.93 points or -0.17 per cent to 26,768.49 today, down -3.81 per cent for the week, the biggest weekly fall since a 3.89 per cent decline in December 2014.

  • Markets trimmed intra-day gains weighed down by financials while IT majors shares ended lower on caution ahead of US jobs data later today. However, benchmark share indices had surged in late noon trades after weather officials announced the arrival of annual monsoon rains at Kerala coast in southern India.

  • The Nifty fell for a fifth consecutive session today continuing to reel after a forecast for weaker-than-expected monsoon raised fears that RBI would not cut rates again this year. Share markets have accelerated losses since the forecast on Tuesday, which came on the day the central bank cut interest rates by 25 basis points but warned that future easing would depend on how the monsoon impacts domestic inflation.

  • Though the market is weak today, the Nifty has managed to hold the intraday low of the previous session. According to technical analysts, the benchmark is likely to consolidate and see an upmove up to 8,200 next week. On the other hand, the markets will be closely eyeing the Greece debt talks and the possible Fed rate hike, and in the event of either of the events going awry, the Nifty may correct sharply to 7600-7700 levels, say experts.

  • Nifty may test 7,850 if 8,050-8,060 zone is broken, says Mitesh Thacker. The benchmark indices tried to give couple of days of intraday bounce backs, but failed to break on the upside. This is one indication which could suggest a further breakdown. For Nifty, it is 8,050-8,060 region on the downside. If the said levels are taken out, we could possibly see some kind of strong selling momentum. In such a case, Nifty may test even 7,850 levels, he says.

  • 8,160-8,250 on Nifty could be a good region to sell into markets, says Ashwani Gujral. We had seen a fairly large move today. Whenever you see such a momentum, you must brace for a bit of choppiness in the subsequent period. We see could see choppiness, but at higher levels of around 8,160-8,250 on Nifty. It will be a weak market, he says.

NIFTY 3-Month

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