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Market Report

Wednesday, 22-July-2015


  • The 30-share BSE Sensex ended today's session up 322.79 points, or +1.15 per cent, at 28,504.93 after rallying as much as 364 points in intraday trade today. The broader 50-share Nifty settled up 104.05 points, +1.22 per cent, at 8,633.50 today. The Nifty settled comfortably above the important 8,600 mark after a weak start. Bank Nifty settled the day 273.6 points higher at 18,997 in trade today.

  • The benchmark indices surged by more than 1% to end at the highs of the day, shrugging off the weak sentiment in other markets, galvanised by strength in Reliance Industries and a rebound in Sun Pharma and Hindustan Unilever. Banking and auto stocks also aided the momentum on the bourses.

  • Meanwhile, the market participants would be keeping a close watch on the monsoon session of Parliament, which started on a stormy note on Tuesday. The government is looking to pass key bills including the controversial Land Acquisition Bill and GST bill. In related news, a Rajya Sabha Select Committee on the Goods and Services Tax (GST) bill presented its report in the upper house. Passage of GST Bill would undoubtedly be a big trigger for the markets.

  • Market may continue its upward journey; 8,650 on Nifty holds the key, says Mitesh Thacker. Last time when we were trading around today's levels, we had about two-intraday highs at around 8630-8640 zone on hourly charts. On Thursday, I would want to see some more follow up strength. Any move possibly beyond 8,650 on the index would lift it towards 8,700-8,750 levels. It could happen in the next one-two days. A broader participation was seen today, as compared to what we have seen in the last couple of sessions. I would be positive. Once 8,650 on the index is taken out, one should possibly assume a continuation of the upmove, he adds.

  • More upside in the offing; Nifty may touch 8,750 in next few sessions, says Sandeep Wagle. Nifty has made a bottom at 8,500. It then bounced back very well from there. The kind of patterns and the open interest and the price and volume built up on many charts suggest that the further upmove is in the offing. I would now talk of 8,550-8750 range for the Nifty and 8,750 should coming in the next couple of trading sessions. Probably, we may even higher levels than that, he adds.

NIFTY 3-Month

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