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Market Report

Tuesday, 30-June-2015

NSE

  • The 30-share Sensex closed the day at 27,780.83, up 135.68 points or +0.49% up. The broader 50-share Nifty ended 50.10 points or +0.60% up at 8,368.50 today. The Nifty touched a low of 8,298.95 and a high of 8,378.00 in intraday trade today. The crucial psychological level of 8350 was crossed confidently by the Nifty at closing today.

  • Our market made a smart recovery in last half-an-hour of trade on media reports that the Greek Prime Minister is considering a last-minute debt-deal bailout proposal by the European Commission. However, investors remained cautious as Greece is likely to default on the deadline for debt payment to International Monetary Fund (IMF), which is due today.

  • Positive cues from Asian peers also boosted sentiment. In other Asian markets, China's Shanghai Composite ended 5.53 per cent higher after falling as much as 5 per cent in morning trades. Japan's Nikkei closed the session above the crucial 20,200-level, up 125.78 points.

  • In case of Greece default there is likely to be a risk-off sentiment, which would adversely impact EM assets and India will also be vulnerable even though it has negligible direct exposure to Greece. Analysts are of the view Indian markets may see short-term volatility due to Greece crisis but 8,000 is a firm support for the Nifty. Indian markets managed to recover from day's low on Monday even as selling pressure was seen in global markets. India is seen as most resilient market in the region as further selling by FIIs seems unlikely post correction in China. Domestic institutions continue to support the market, say experts.

  • The Nifty is likely to form an 'Inverted Head and Shoulder' pattern on daily chart, which is bullish in nature. So, every dip should be considered as buying opportunity for the near term, says Mudit Goyal, Technical Analyst at SMC Global Securities. For near term, 8400-8440 can act as good resistance zone. If any breakout happens, we can witness massive rally upto 8600, he adds.

NIFTY 3-Month

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