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Market Report

Monday, 17-Aug-2015


  • Reversing gains seen in the preceding two trading sessions, the S&P BSE Sensex lost 189.04 points, or -0.67 per cent, to settle at 27,878.27 today. The 50-share Nifty barometer shed 41.25 points, or -0.48 per cent, to close the session at 8,477.30 today.

  • The benchmark indices have started the week on a dismal note, reversing gains in the two preceding trading sessions, due to fears of below-par monsoons and lingering uncertainty over key reforms such as the derailed GST Bill.

  • The sentiment was hurt by weakness seen in select blue chip stocks, a lacklustre Parliament session and the absence of any major positive earnings. Fall in Asian stocks too added to the sentiment. Major European markets were quoting mixed.

  • Do not see participation from Nifty heavyweights; midcaps may outperform, says Ashwani Gujral. Nifty will again try to test 8,530-8,550 levels, but one must note that the market is contracting. At higher levels if you get three to five day type of an upmove, you would like to take some profits off possibly in the metals space. PSU banks could lead the market a bit higher, he says.

  • Nifty likely to hold out 8,350 level, traders should eye 8,440-8,450 range, says Mitesh Thacker. Today was not a very active trading day. Nifty broadly maintained 8,350. Traders should look at the 8,440-8,450 region as some kind of pivot level. One must stay positive above that range. On the downside 8,350 should hold out nicely for the next couple of weeks. On the upside, it difficult to see Nifty getting past 8,600 level. So, it is a market which will be very stock-specific and we will keep trading with that kind of strategy, he says.

NIFTY 3-Month

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