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Market Report

Thursday, 25-June-2015

NSE

  • The Sensex ended the day 166.30 points, or +0.60%, up at 27,895.97 today. The broader 50-share Nifty closed the session 37.15 points, or +0.44%, up at 8,398.00 today after reclaiming the crucial psychological level of 8400 in intraday trade for the second consecutive day. Today's move was led by Bank Nifty and that provided the impetus.

  • Ignoring the concerns looming over Greece, benchmark indices wrapped up the trading session on a firm note following expiry of June derivative contracts. Yesterday, markets ended lower, snapping their eight-day winning streak, amid concerns over Greece. Sentiment was boosted today as earlier in the day Prime Minister Narendra Modi launched smart cities, housing for all and urban rejuvenation schemes for Asia's third largest economy.

  • Also, the south-west monsoon has been above normal so far in June, stoking hopes the central bank will cut rates in October than in 2016 as anticipated earlier after delivering three cuts of 25 basis points each in 2015 so far. Reserve Bank Governor Raghuram Rajan told Economic Times the progress of the monsoon thus far has been "quite strong", raising hopes of further interest rate cuts.

  • Meanwhile, foreign portfolio investors (FPI) were net buyers to the tune of Rs 92.57 crores on Wednesday and another Rs 280.21 crores today, as per stock exchange provisional data.

  • 8330 should act as immediate support for Nifty, says Mitesh Thacker. In case Bank Nifty sustains above 18,500 levels, despite some kind of weakness in the CNX IT, I would maintain a slightly positive bias for the next few days. Bank Nifty could possibly outperform along with the energy and pharma stocks. May be, these sectors will pull up the Nifty to 8,450-8,500, he says.

  • Weak hands are out of the market; nobody cares about Greece, says Ashwani Gujral. There are no weak hands right now. The weak hands got kicked out on Wednesday. Now, strong hands are in and they are not worried about Greece. Yesterday, the market got tested when a bad news comes in. The bears tried to take the market down. But the markets made a comeback today. It basically sends out a message that it is not the news which matters, what matters is the hands which are in the market. As we go up slowly, and when good news actually comes in, we will be at 9,200 rather than 8,300. This is a time to buy given that 7,950-8,000 seems like a base, he adds.

NIFTY 3-Month

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