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Market Report

Monday, 08-June-2015

NSE

  • The 30-stock Sensex fell by 245.40 points or -0.92 per cent to close at 26,523.09 today, its lowest close since October 20, 2014. The broader 50-share Nifty fell for a sixth consecutive session, ending down 70.55 points or -0.87 per cent to 8,044.15 today, its lowest close since December 17.

  • Benchmark share indices extended losses for the fifth straight day to end at their lowest closing levels in 2015 on concerns of foreign fund outflows after robust US jobs data raised hopes that the US Fed may hike interest sooner than expected, maybe as early as September. Further, investors also remained cautious ahead of CAD data due later today while the ongoing Greek debt crises and decline in the Rupee also weighed on sentiment.

  • The stock market has already wiped out all the gains made in the year 2015. The S&P BSE Sensex is down over 3,000 points from its record high of 30024.74. But, there is plenty of money to be made in individual stocks, say experts. We are going to see a lot of volatility in the next few months because of Greece, US interest rates, or monsoons. There is no real catalyst for our markets to move higher at the moment, they add.

  • The Reserve Bank of India (RBI) is scheduled to announce current account deficit (CAD) data for the fourth quarter of 2014-15 later today.

  • Once past 8200-level, we can see the next upward movement in Nifty, says Mitesh Thacker. For the time being the direction remains on the downside, we can keep on working with downside targets with 7,800 being one of the possible levels which the market can head towards. A lot of stocks are still going through their correction and they are still in the process of giving some minor breakdowns on short term or daily or intraday charts and therefore, my belief is that there can be some choppiness, or, odd days of pullback, he says.

  • See support zone for Nifty at 8000-7800 levels, says Ashwani Gujral. It is not the monsoon that is affecting the market, because the monsoon has arrived. Markets do not seem to be turning in response. Nifty is perhaps 100 points or 200 points away from the bottom. So far the market is down but overall the market will return when the selling is over, he says.

NIFTY 3-Month

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