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Market Report

Friday, 12-June-2015


  • The 50-share NSE index closed 17.55 points higher, or +0.22 per cent, at 7982.90 today. However, for the week, it posted a decline of -1.62 per cent. The S&P BSE Sensex ended 54.32 points higher, or +0.21 per cent, at 26425.30. However, for the week, it recorded a fall of -1.3 per cent. The Nifty is still below its psychological level of 8000.

  • Markets finished the session on a firm note led by financials after Finance Minister in discussion with the banks laid stress on clearing the stalled infrastructure projects and capital infusion in public sector banks.

  • The 50-share NSE index broke below the psychologically-important 8,000 level on Thursday for the first time since October 21, fuelling possibilities of further declines which could push the index towards 7,600 levels in the near term. A technical analysis report by Reuters states that bearish patterns on the NSE is increasing probabilities of declines till 7,200 levels. The bearish head-and-shoulder and cross of 50-DMA from above of 200-DMA has made the investors jittery, the report said.

  • Nifty unlikely to cross 8,030; see index at 7,850 within a week, says Sandeep Wagle. There are some good positive technical patterns which suggest that we may not fall one way. That said, Nifty may not be able to cross 8,020-8,030. If the index is not able to do that, then it will trend lower towards 7,850 over the next week. Bank Nifty has shown some strength and that is the reason the Nifty is not falling, he adds.

  • Weakness in CNX IT may weigh on Nifty, says MItesh Thacker. While there was some recovery towards the end, the Bank Nifty could not close in a positive territory on a weekly basis. I believe that it has broken down. Once it breaks 10,930, we will have further corrections happening. However, we are still closer to oversold levels on the intraday charts which could lead to some bounce back, he adds.

  • After market hours: The Index of Industrial Production (IIP) for the month of April rose +4.1% versus +3.7% year-on-year. The cumulative growth for the period April-March 2014-15 over the corresponding period of the previous year stands at +2.8%. However, the Consumer Price Index (CPI) inflation rose to 5.0% in May versus 4.87% in April. These figures strengthens the case for a rate cut by RBI.

NIFTY 3-Month

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