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Market Report

Friday, 03-July-2015

NSE

  • The S&P BSE Sensex rose +0.53 per cent today to end the week with gains of 280 points, while Nifty rose 103.80 points in the same period. Sensex closed 146.99 points higher at 28,092.79 today. It hit a low of 27,897.45 and a high of 28,135.43. The 50-share Nifty closed 40.00 points higher at 8484.90 which is +0.47 per cent higher. The index ended 15 points shy of the crucial psychological level of 8,500.

  • Markets ended near their 2-1/2 month closing highs led by a rally in financials after RBI Governor Raghuram Rajan stated that there is a growth revival in the economy and pick up in investment. He also said that India's exposure to Greece is limited which also aided sentiment. Globally, a weak US jobs data further boosted the sentiments signaling a delay in the interest rate hike by the US Federal Reserve.

  • We believe, that if the Greece event on Sunday passes out without any severe negativity, then the markets could be due for a strong pickup once again heading towards 8700 mark on Nifty, said Kunal Bothra of LKP Securities. We have already seen a recovery of almost 300 points, especially at a time where global uncertainty including Greece and China are looming large on the markets. As a support, we believe 8320 and 8200 could act as strong weekly and monthly supports for Nifty, respectively, he added.

  • See Nifty around 8,650 by end of next week, says Ashwani Gujral. I believe that the market has bottomed out. It will move higher with a greater momentum, Greece or no Greece, because till now half the people are on the sidelines; nobody is participating for a 500-point rally. Once Greece is out of the way, that is when the real participation would be seen. Today, for the first time in the last 10-odd days, Nifty futures have closed at a premium. That just means that certain we are now crossing over and as soon as we start trading above 8,500, more momentum is likely to come in. Probably by next week, we will end closer to 8,650 thereabouts. Monday will come and go. By the end of the week, it will be forgotten, he adds.

  • Stay positive as long as 8,370 is not broken, says Mitesh Thacker. In case the Nifty opens with a big gap up on Monday, then possibly lot of stocks will suggest strong signal on the buy side. Even IT stocks should possibly start recovering. The stocks which have not participated should participate. If there is a jerk on the downside, I would still be possibly looking at some kind of reversal on an intraday basis, he adds.

NIFTY 3-Month

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