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Market Report

Tuesday, 22-Sept-2015


  • The S&P BSE Sensex closed 541.14 points, or -2.07 per cent, lower at 25,651.84 today. It hit a low of 25,571.34 and a high of 26,339.10 during the day. The 50-share Nifty index plunged 165.10 points, or -2.07 per cent, to end the day at 7,812.00 today. It hit a low of 7,787.75 and a high of 8,021.60 in intraday trade.

  • The S&P BSE Sensex slipped below its crucial psychological level of 26,000 today, two days ahead of the expiry of September F&O series due on Thursday, September 24. The 50-share Nifty index also plunged below its crucial psychological support of 7,800, weighed down by losses in banks, capital goods, metal, power and realty stocks. However, the index managed to end slightly above 7,800 towards the end of the session.

  • Markets have closed lower amid a sell-off in late trades tracking weak European cues while weak US stock futures also hinted a lower opening on Wall Street later today. Further, the Asian Development Bank (ADB) today lowered growth projections for India for the current fiscal to 7.4 per cent, from the 7.8 per cent earlier, citing weak monsoon, poor external demand and inability of the government to push economic reforms in Parliament. Also, traders have turned cautious ahead of the expiry of September derivative contracts on Thursday.

  • Based on technical charts, Nifty reverted from fairly key levels; the 7,930-7,950 levels should have held on, says Ashwani Gujral. It is a good idea to throw the kitchen sink at the market and get short, because this kind of decline generally happens when the downtrend is resuming. Unless we can turn from 7,800 chances are this fall might lead to an even bigger fall, which could take the index towards 7,500. The market has weakened substantially and we have not seen big follow through at higher levels in the last couple of days, he added.

  • The momentum which was there over the last three to four sessions now seems to be fading, say experts. The chart patterns indicate that, the index could well retest 7700-7680 levels in the short term. The 7,900 level on the Nifty should not have been broken under any circumstances for the momentum to remain intact, says Sandeep Wagle. At this time, I do not even see 7,900 being tested on the upside and most likely will be sold into. I would talk of a move towards 7,700-7,680. The market has very clearly reversed and the hourly charts are showing a very clear breakdown which should follow over the next few days, he added.

NIFTY 3-Month

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