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Market Report

Thursday, 16-July-2015

NSE

  • The broader 50-share Nifty closed above 8600 for the first time since April 20. It closed up 84.25 points, or +0.99 per cent, at 8,608.05 today. The 30-share BSE Sensex ended the day up 247.83 points, or +0.88 per cent, at 28,446.12 today. This was the highest close for the benchmark since April 17. In the broader market, BSE Midcap and Smallcap indices gained +1.3% and +0.8% each.

  • Markets ended at 3-month closing highs amid a broad-based rally led by financials after the cabinet today approved composite caps in several sectors. Meanwhile, the narrowing of trade deficit coupled with strength in the global peers after Greek parliament approved the austerity reforms, boosted investor sentiment.

  • A host of initiatives by the government including the cabinet clearance of a proposal removing the distinction between different types of foreign investments through a composite cap gave a boost to the market, said Amar Ambani Head of IIFL. Expectedly, the Bank Nifty lead from the front. Nifty, which has struggled around 8550-8560 levels managed to blast past this resistance and close above the psychological mark of 8600. The immediate resistance for Nifty is placed at 8850 while for Bank Nifty we see 19600 as critical resistance levels, he added.

  • Nifty may test 8,650-8,680 on Friday, says Sandeep Wagle. We saw a gap up opening in Nifty on Wednesday and again today. That is a very positive signal. That was a breakaway gap and the move is likely to continue. I do not see any pattern that suggests any down move. At 8,650 we may see some kind of a resistance. We may fall by 50-80 points, but that should be bought into. As long as the index does not breach 8,500 it will be on course to touch 8,750-8,800 levels. That said, the index may spend some time in the 8,600-8,800 region over the next few days, he adds.

  • Nifty eyes 8,780-8,830 levels; index likely to find support at 8,550, says Ashwani Gujral. The market should move higher from present levels. What is important is that Nifty on Wednesday closed above the band of 8,500-8,550, which was an important level for the index for the two-three short term upswings. Now, since we are firmly above that range 8,550-8,500 should now be a very good strong support zone, with a short-to-medium term kind of perspective. I have talked about targets around 8,780 to about 8,830 on the upside. We are possibly heading towards those levels, he adds.

NIFTY 3-Month

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