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Market Report

Thursday, 23-July-2015

NSE

  • The 30-share BSE benchmark Sensex closed the session 134.09 points down, or -0.47 per cent, at 28,370.84 today after trading in a thin range for most of the session. The 50-share index Nifty ended the day 43.70 points down, or -0.51 per cent, at 8,589.80 today.

  • Markets closed the session on a lower note, weighed down by disappointing earnings reported by blue-chip companies such as Lupin and Bajaj Auto. However, the downside was limited due to buying demand in auto and oil shares. Market participants will continue to keenly watch the developments in Parliament, with the Modi government hopeful of the passage of the GST Bill during the ongoing monsoon session.

  • Experts feel that the ongoing results season and the RBI policy on August 4th would determine the short term course of the markets. A 'inverse head & shoulder' pattern on the daily charts completed its structure with the intermediate correction and the next target in sight is 8840. A move above 8667 is imperative as that is a Fibonacci retracenment resistance. Support continues to be in the zone of 8593-8543, they say.

  • Any fall towards 8,520-8,500 on Nifty could provide buying opportunities, says Mitesh Thacker. On the upside, Nifty needs to get past 8,640-8,650 to maintain its upward momentum. I expect Nifty might stay in this range of about 8,500 to about 8,640-8,650 for next few days. We are positively biased, the market will eventually break on the upside. But since the breakout did not happen today, it seems it might take a couple of more days, he says.

  • Nifty may take some time to touch 8,750, says Sandeep Wagle. We were anticipating a breakout today, which did not happen. In that sense, I would call it a failure. Having said that, the trend still remains intact. I do not see a one-way crack till the time 8,500 on the index is held on to. The said level was the intraday low for the index on Wednesday. One cannot expect a one-way move in the next three-four days. It will take some time. This is a one day up-one day down king of pattern. Whatever is to happen will happen next week. Nifty will still be on course for 8,750-target, given some more time, he adds.

NIFTY 3-Month

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