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Market Report

Tuesday, 16-June-2015


  • The S&P BSE Sensex surged around 350 points in a late surge upwards to close at 26,686.51 today, up 99.96 points or +0.38%; The 50-share Nifty index also managed to hold on to its crucial psychological level of 8000 for two days in a row, to close at 8047.30, up 33.40 points or +0.42%. The Nifty touched a high of 8061.85 and a low of 7952.35 in intraday trade today.

  • Indian shares rose in late trade today, rebounding from intraday falls of nearly 1 percent, on value buying at lower levels while a rally in Indonesia, which alongside Indian stocks is among the worst performers of the region this year, also helped. Both India and Indonesia have fallen more than 12 percent since their record high earlier this year on concerns over slow reforms and protracted economic growth.

  • For any technical bounce to emerge from short term oversold zone a close above 8,050 is imperative with targets near 8200 (200 Day EMA), say experts. Events that would determine the next course of markets would include Fed meet of June 17th (tomorrow), developments on Greece and advancement of monsoons.

  • Expect bigger rally on Nifty if 8,120 is crossed, says Ashwani Gujral. We may have a bit of a bullish bias today on an intraday basis. There will be further bumps along the way, but a break above 8,120 on Nifty would probably give hopes of a longer uptrend. The way Nifty held on to 7,950 in the last hour of trade on Tuesday suggests that the line of least resistance is on the upside. As we build on gains above 8,120 on Nifty we will look for a bigger rally towards 8,300, he says.

NIFTY 3-Month

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