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Market Report

Friday, 31-July-2015


  • The S&P BSE Sensex closed the session up 409.21 points, or +1.48 per cent, at 28,114.56 today. The sentiment was lifted by a surge in banking shares on better-than-expected June quarter results by ICICI Bank and the government's plan to infuse Rs 70,000 crore in PSBs over four years.

  • The braoder 50-share Nifty index jumped 111.05 points, or +1.32 per cent, to settle the day at 8,532.85 today. On the upside, if Nifty manages to break and sustain above its important resistance level of 8,550 on closing basis, further upside movement can be seen till 8,670 which was its recent high, say experts.

  • Our market began the August F&O series in a spectacular manner on hopes of a rate cut by the RBI at its policy meet on August 4. The roadmap unveiled by the government for recapitalisation of PSU banks, encouraging Q1 results from heavyweights such as ICICI Bank, the cabinet nod for an amended GST bill and favourable cues from the Asian front further bolstered the positive sentiment on Dalal Street.

  • Get ready to test 8,650-8,700 on Nifty, says Sandeep Wagle. After an initial hour, we saw Nifty comfortably trading above 8,500-mark. It was a very clear breach on the upside. Whatever be the reasons, now we are in for a move from 8,400. Nifty is in a range of 8,450 to 8,650 and I believe that the bottom has been reached. The bearish view is over. The bulls are not willing to let go and we will certainly test 8,650 or probably even one shade higher than that, may around 8,700-8,750 levels, he says.

  • Market undertone bullish, but expect some choppiness ahead, says Mitesh Thacker. The Nifty has failed to cross 8,550 today, but the participation has slightly become broader. Unless Nifty starts breaking below 8,400, I do not think that I would be worried on the downside. There might be some choppiness in next few days, but the direction appears to be on the upside. Importantly, not many have noticed that the CNX IT gained by nearly 2 per cent for the day and managed to get past its 200-day average, he adds.

NIFTY 3-Month

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