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Market Report

Thursday, 18-June-2015


  • Benchmark shares indices rose over +1 per cent today to end higher for the fifth straight session. The 30-share Sensex resumed on a positive note at 26,916.99 and climbed to intra-day high of 27,175.39 and settled at 27,115.83, up 283.17 points or +1.06 per cent to reclaim its crucial psychological level of 27K. The NSE Nifty closed at 8,174.60 today, up 83.05 points or -1.03 per cent. It touched a high of 8,186.90 and a low of 8,101.80 in intraday trade. The 50-share Nifty also managed to reclaim its crucial psychological level of 8150 at closing today.

  • Markets finished the session on a firm note as the Fed kept the benchmark rates unchanged in its two-day FOMC meet. Benchmark indices rallied past their key resistance levels after the US Federal Reserve signalled that interest rates would rise more slowly than markets had expected. Economists are still expecting the Fed to move before the end of the year, most likely in September, but there was certain amount of relief for the markets today as it eased concerns over slowdown in foreign fund inflows.

  • Meanwhile, the advancement of Monsoons and favorable macroeconomic parameters coupled with a strengthened rupee further lifted the sentiments of the investors. A better-than-expected start to the monsoon in an El Nino year has eased concerns of dry weather, but analysts say it is too early to comment. But, above normal rains are a welcome sign for Asia's third largest economy.

  • Global markets saw a slump today as China's Shanghai Composite Index cracked nearly 4 per cent to end the day at marking its biggest fall since May 28. Japan's Nikkei closed the day below the 20,000 mark ahead of Bank of Japan's review meeting.

  • We are headed towards 8200, says Sandeep Wagle. Maybe not immediately, but over the next few trading sessions. Level of 8050 was a very strong support which did not get broken. What we saw on Wednesday was a correction at higher levels, which should not be read as weakness. In the short term I would be positive, he adds.

  • Ashwani Gujral is of the view that we are in a fairly decent upswing and one that should be traded on the upside. Let us see what happens at 8150-8200, but broadly I would say that it is a good chance that we may be bottoming out, he said.

NIFTY 3-Month

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