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Market Report

Tuesday, 14-July-2015

NSE

  • The S&P BSE Sensex ended the day down -0.10 per cent, or 28.29 points, at 27,932.90 points. The broader 50-share Nifty finished the session -0.07 per cent, or 5.55 points down at 8454.10 points. This was a flat closing with 14 of the 30 Sensex stocks closing the day in green. While the Sensex closed below the crucial mark of 28k, the Nifty managed to hold its psychological level of 8450.

  • Markets finished flat with a negative bias with financials leading the decline after rising consumer price inflation dampened hopes of a rate-cut by the Reserve Bank of India. However, the downside was capped after Wholesale Price Index (WPI) eased further in the month of June.

  • The Consumer Price Index (CPI) data, which was released post market hours on Monday, revealed that the inflation for the month of June rose to a nine-month high to +5.40%. This increase in the retail prices is food driven, which increased to +5.48% from +4.8% in May. The Wholesale Price Index (WPI), released today, fell to -2.4% in June, continuing its deflationary mode, led by downward fuel prices and lower commodity prices. This is the eighth staight decline. However, a fall in wholesale price inflation failed to lift sentiment today as the markets largely followed muted global trend.

  • Despite the global sell off on the back of Greece and China crisis, Indian markets showed decent recovery from lower level and strictly traded around 8300-8400 levels with positive bias, says Mudit Goyal of SMC Global. In daily charts, Nifty continuously traded above the breakout of downward sloping channel, which suggests the momentum of broader markets is highly positive. I would suggest that every correction or dip should be considered as buying opportunity for near term. Nifty is poised to test the level of 8580-8620 in the short term, he adds.

  • Unless 8,400 on Nifty is broken, stay long, says Mitesh Thacker. In the short-term, it looks like the market is not doing much. But to me, the set up still remains positive unless we break below 8,400. Once Nifty gets past the 8,500-8,550 zone, some kind of momentum might come in. That might happen with some kind of good news. Therefore, for the time being, it is 8,400 on the downside to about 8,550 on the upside, he adds.

NIFTY 3-Month

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