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Market Report

Tuesday, 07-July-2015

NSE

  • The 30-pack index settled the day 37.07 points, or -0.13 per cent, lower at 28,171.69 today, thanks to selling seen in index heavyweights. The 50-stock Nifty fell 11.35 points, or -0.13 per cent to close at 8,510.80 holding on to the psychological mark of 8,500. The index hit 8,550-level during the session in intraday. 21 of the 30 Sensex stocks ended the day in red. Coal India was the top gainer, up over 2 per cent. Vedanta and NTPC were the top losers, down about 3 per cent each.

  • Markets have pared early gains today after a range-bound session, and ended in the red snapping a three-day winning streak, as investors turned cautious ahead of an emergency meeting of euro zone finance ministers in Brussels later in the day.

  • Globally, European stocks were trading sideways, ahead of the crucial meet. The euro zone's ministers would discuss the steps they can take following Greece's rejection to the bailout terms. Earlier in the day, Asian markets shut shop on a mixed note. Chinese mainland index Shanghai Composite settled 1.3 per cent lower after Premier Li Keqiang said China has the ability to deal with economic risks, but did not specifically mention the country's embattled stock market.

  • I do not think there is much to worry about today, said Ashwani Gujral. What the market is trying to find out is that whether 8,450-8,500 acts as a good support range, said Gujral.

  • Upside bias prevails; do not see Nifty falling below 8,430, said Mitesh Thacker. Today was a pullback day. I had been taking of a breakout happenings at levels of 8,475-8,490 on Nifty. Today, Nifty hit an intraday low of 8,484. As long as we do not start breaking below 8,470 on the index, the immediate trend should be constitute to be more on the upside. I am maintaining a target of 8,700 plus for the index. With some kind of choppiness over the next one-two days, once the ongoing pullback is over, the market should resume its uptrend. As we approach the results season, the broader direction should be on the upside, he adds.

NIFTY 3-Month

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