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Market Report

Monday, 15-June-2015

NSE

  • The S&P BSE Sensex surged over 250 points in trade today to close at 26,586.55, up 161.25 points or +0.61%; The 50-share Nifty index also managed to reclaim its crucial psychological level of 8000 after two days of decline, to close at 8013.90, up 31.00 points or +0.39%. The Nifty touched a high of 8057.70 and a low of 7944.85 in intraday trade today.

  • Benchmark share indices ended higher on Monday, shrugging off weak European cues, amid buying in index heavyweights even as auto shares emerged as the top gainers. Markets are seeing value buying at lower levels on the back of improved macros with encouraging April IIP numbers. Further, the contraction in WPI will eventually ease out going forward, say experts.

  • Expect no big upmoves; Nifty to stay in narrow range, says Ashwani Gujral. We may see 30-40 point moves. I do not expect the change in situation till we start taking out key pivots on the upside. The market is abiding time. That said, it is clear that at lower levels there is some buying and higher levels investors take some profits off the table. May be the big selling is not visible right now and only a major event can trigger that. Volatility is coming down and individual stocks may move either ways. It seems unlikely that we will see big moves even during this week. We could end up having another week of fairly narrow moves, says Gujral.

  • Nifty may find it difficult to break 7950-8100 range, says Mitesh Thacker. Once Nifty starts getting past these levels, it could have some kind of a directional sense below 7950. Levels around 7800-7830 could be a good downside target. In case we get pass 8100 then there could be a stronger pullback rally happening. Nonetheless, Nifty would test tough resistance at around 8280. One must note that volatility is coming down. It could be in a easing period for the next couple of days, which is more reason why Nifty will not break 7950-8100, he adds.

NIFTY 3-Month

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