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Market Report

Monday, 06-July-2015

NSE

  • The 30-share Sensex ended 115.97 points or +0.41% higher at 28,208.76 today and the Nifty ended up 37.27 points or +0.44% higher at 8,522.15 today. The Nifty ended above the crucial psychological mark of 8,500 very confidently today after being 15 points short last Friday.

  • Benchmark shares indices staged a recovery in late trades, shrugging off the developments in Greece. Gains were seen even as the Asian peers ended the day clocking up to 3.2 per cent losses. A 'No' vote means probability of a Grexit would rise to 75% said Credit Suisse. But experts point out that the Greece crisis is not a calamity for Indian markets. Markets will recover after a short-term dip on Grexit.

  • Some technical experts attributed today's recovery to lack of long positions in the market. Smallcap stocks were in demand. The BSE Smallcap index gained over 1 per cent for the day, compared with modest rise in the BSE benchmark. The market breadth saw a dramatic improvement during the day. Of every 10 BSE stocks that traded for the day, six settled higher.

  • The reason why we do not fall every day is not because we have become mature - it is just that technically, there is nobody long in this market, said Ashwani Gujral. Futures were at discount in the morning session. There was not anybody left to sell. The markets were stress-tested twice in the last six days. It has come out with flying colours both times, and possibly now the fresh base is around 8400 on the Nifty. Once we sustain 8500 on the index, the real rally will start where people who have been wise and staying out of the market, would now jump in. They would take the market to 8650-8700, or even higher, he adds.

  • Expect Nifty to trade in 8,690-8,700 range, says Mitesh Thacker. Nifty have managed to settle above 8,500-mark. Bank Nifty has given a breakout above 18,500. It is a good setup. If the CNX IT were to start getting past 11,250, a minor trading signal can happen there as well. Overall, the bias is with cement, auto and energy sector. This bias suggests that the Nifty will head higher from current levels. One should trade with long bias on stocks which are giving fresh breakouts, he suggests.

  • Events this week: the first quarter earnings season will kick off with Tata Consultancy Services announcing it April-June results on Thursday. Index of Industrial Production (IIP) data for the month of May is scheduled to be released on Friday.

NIFTY 3-Month

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