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Market Report

Friday, 17-July-2015

NSE

  • The S&P BSE index closed today's session up 17.19 points, or +0.06 per cent, at 28,463.31. For the week, the benchmark index added 802 points, or +2.9 per cent. The 30-pack index pared gains after surging as much as 100 points earlier in the day. The 50-share Nifty finished the day up 1.80 points, or +0.02 per cent, at 8,609.85 today.

  • Markets gained for the third straight day amid rangebound and choppy trade as gains in IT shares helped offset losses in select blue chip shares with HDFC losing the most. Meanwhile, losses in private banking shares after government decided to keep banks out of the composite foreign investment offset the gains in technology and healthcare stocks.

  • The sentiment was cautious as IMD said that the monsoon rain was 6 per cent below normal. Also, IMF chief said the Greek plan is 'categorically' not viable and the country is in need of a debt reduction, as quoted by sources.

  • Nifty unlikely to break below 8,500 level, says Sandeep Wagle. The Nifty cleared the strong resistance zone of 8,530-8,550, which it had failed to break over the past so many weeks. On Friday, it opened up with the gap and stayed there. Today's sideways move should be read as consolidation, and a part of the journey that will take the Nifty to 8,750-8,800. I would talk of a 8,500-8,800 range for the coming week. I do not see 8,500 being broken; forget about touching 8,400 on the index. I would be a little bearish, if 8,500 is broken, he adds.

  • Nifty likely to test 8,700-8,800 levels next week, says Mitesh Thacker. The trend has not been changed today. The indicator position or set up still remains positive. So, the idea would be that 8,550-8,530 on Nifty is unlikely to be broken in the next few days. The overall direction is clearly on the upside and I would maintain targets of 8,780-8,800 on the index, which we can possibly touch in the next week or if not the next week, then certainly in early next-to-next week, he adds.

NIFTY 3-Month

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