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Market Report

Monday, 10-Aug-2015

NSE

  • The 30-share BSE Sensex ended the day down 134.67 points, or -0.48 per cent, at 28,101.72 amid fears that the ongoing session of the Parliament may not be fruitful as far as reforms are concerned. The broader 50-share Nifty index fell 39.00 points, or -0.48 per cent, but managed to hold on to its psychological level of 8,500. The index settled the day at 8525.60 today falling more than 100-points in a late profit booking burst in the last hour, thereby giving up its quest for closing above the 8600-mark.

  • During the day, a government official told agencies that the GST Bill may fail to get passed in the ongoing stalled monsoon session of the Parliament. Market sentiment was hurt by selling seen in frontline stocks like ITC, Reliance Industries, Tata Motors and Infosys.

  • The benchmark indices turned volatile towards the close of trade due to caution ahead of key macroeconomic numbers to be released later in the week. The government will release inflation based on the Consumer Price Index (CPI) data and industrial production data for June 2015 on August 12 and inflation based on the Wholesale Price Index for July 2015 on August 14.

  • The 50-share Nifty has been moving in range for the past two weeks, and this range-bound movement is likely to continue, say experts. One thing which worries technical analysts at this point is that the index lacks momentum. The support levels are placed at 8450, 8420, 8350 in that order. Ideally, the market may rebound from this safety net. While they agree that markets may not move past 8650 in a hurry, experts feel that as and when the resistance band is breached, a strong upside of 250-300 points on Nifty is on cards. Hence, they remain cautiously bullish and would dip the flag only below 8300 on a closing basis.

NIFTY 3-Month

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