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Market Report

Monday, 22-June-2015

NSE

  • The 30-share Senex closed at 27730.21 today, up 414.04 points or +1.52 per cent. It touched a high of 27,782.31 and a low of 27,417.03 in trade today. The Nifty ended at 8,353.10 today, up 128.15 points or +1.56 per cent. It touched a high of 8369.45 and a low of 8257.40 in trade today.

  • The 50-share Nifty also rose nearly 2 per cent in intraday trade to reclaim its crucial psychological level of 8350. The index has also surged past its crucial 200-DMA in trade today. Benchmark share indices gained for the seventh straight session after the progress of the monsoon eased concerns over rising inflation thereby rekindling hopes of a rate cut while the new proposal presented by Greece to avoid debt default also boosted market sentiment. Markets witnessed renewed buying interest as well as short covering especially in banking shares ahead of the June F&O expiry.

  • According to experts, the bull run in Indian markets is still intact despite concerns over Greece as well as China. After the breakout recorded in benchmark indices last week, Sensex is heading towards 28000, while Nifty may see levels of 8450-8500, say experts.

  • The market continues to head up right now as it has crossed the 200-day moving average, says Ashwani Gujral. As far as the Bank Nifty is concerned, you can still go long with a stop around 18200 and look for targets of 19000. Some sort of range expansion is happening today. So, overall, the market seems to have put a strong bottom in place and should most likely move towards 8450-8500, he says.

  • We have been talking about possible targets of 8450 to about 8500 on the Nifty, and we are on course to doing that, says Mitesh Thacker. But, at these levels, we are right at the 200-day average and I would be tempted to take part-profits. Let us say, one-third of the position can be squared off. Investors can wait for some kind of dips to happen to buy. Individual stocks that are giving fresh breakouts are still showing momentum. We are still trading with the long bias on both Nifty and Bank Nifty, he adds.

  • Today's smart uprise was supported by the return of foreign investors who were net buyers after a long gap of 11-sessions. See our 'Market Statistics' page.

NIFTY 3-Month

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