IntradayTrade dot Net dot IN
Market Report

Wednesday, 23-Sept-2015


  • The S&P BSE Sensex ended the day in the green at 25,822.99 today, gaining 171.15 points, or +0.67 per cent. The 50-stock NSE Nifty closed 33.95 points higher, or +0.43 per cent higher at 7,845.95 today. The Nifty had touched a low of 7,723.25 after opening today.

  • After a dismal opening, markets staged recovery in noon trades and closed higher on renewed buying interest in beaten down bluechips, particularly banks. A strong rebound in European shares amid recovery in global crude oil prices further bolstered trading sentiment. Meanwhile, investors are keenly awaiting for the expiry of the September F&O series and roll over positions to the October series due tomorrow.

  • The domestic equity market slipped badly in morning trade as weak China-PMI data raised fresh concerns over the slowdown in the Chinese economy, spooking investor sentiments across global markets. While most Asian markets caved in on weak signals from China, the Indian market brushed asides those concerns and notched up some gains in a steady upward movement throughout the day.

  • Expect brisk buying in banking, HFC stocks in next 5-6 sessions, says Ashwani Gujral. Nifty is not showing great amount of strength. What is showing strength is the Bank Nifty. So, Nifty could end up the F&O series at around 7,900-7,930, which is a strong resistance zone for the index. The real rally will start once 17,650 on the CNX Bank is taken out, which is basically Tuesday's intraday high level. A breach of the level would open doors for a 1,000-1,500 point move on the banking index, he adds.

  • Expect Nifty to end September F&O series in 7,780-7,900 range, says Sandeep Wagle. As far as the index is concerned, one cannot term it weak or strong. Bank Nifty looks a shade stronger and there are good chances that it will touch 17,500-17,550 levels. In case, the range is taken out, then 17,800 on the Bank Nifty is also a possibility. I would go with interest-rate sensitive stocks; they are looking good. Some pharma stocks too look good. So, the market would be rangebound with more of a stock specific positive bias, he adds.

NIFTY 3-Month

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