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Market Report

Friday, 18-Sept-2015

NSE

  • Buoyed by the US Federal Reserve's decision to maintain status quo on policy rate, the domestic market staged a smart rally today, with S&P BSE Sensex gaining 254.94 points, or +0.98 per cent, to close at 26,218.91 today led mainly by the rate-sensitive stocks. The broader 50-stock NSE Nifty ended below 8,000, but gained 82.75 points, or +1.05 per cent to close at 7,981.90 today.

  • During the day, the Sensex surged over 500 points in a relief rally, mainly on rate-cut hope even as Asian markets ended mixed and European markets had a weak opening. The US markets flat on Thrusday night amid volatility after the Fed rate decision.

  • The mood on the Street was upbeat thorughout the day, as hopes of a rate cut by the Reserve Bank of India at its next bimonthly monetary policy review on September 29 added life to bank and realty stocks. The Rupee also had a smart recovery today.

  • Expect Nifty to trade in 7900-8050 range; exercise caution, says Sandeep Wagle. I am still bullish. The Bank Nifty has closed at a resistance levels 17500. We can see a correction may be for another 100-150 points but I would still buy into for a trade on Monday for a target of 17550-17600. There will be some stocks which are weak but broadly I would talk of the Nifty range at 7900 to 8050, he says.

  • Strong pull back getting tired, supply at critical zone, says Mitesh Thacker. My idea would be to see some kind of consolidation possibly evolved in the range of about 7850-7860 to about 8050 and then depending upon which direction breakout or break down we will take a directional call. So 8050-8090 we might have a retest on these levels possibly in the next two-three sessions, he says.

NIFTY 3-Month

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