IntradayTrade dot Net dot IN
Market Report

Monday, 28-Sept-2015

NSE

  • The S&P BSE Sensex crashed 246.66 points, or -0.95 per cent, lower at 25,616.84 while the 50-share Nifty50 lost 72.80 points, or -0.93 per cent, to close at 7,795.70 today. The sentiment, though, was negative with 24 of the 30 Sensex stocks closing the day with losses.

  • Markets kicked off the October series on a weak note as participants remained edgy ahead of the fourth bi-monthly monetary policy review for the year 2015-16 slated tomorrow amid persistent sell-off by the foreign investors. A day ahead of RBI's money policy review, the domestic stock market tanked in the last half an hour after remaining rangebound through the day. Weakness in European markets in early trade triggered the crash.

  • Market experts are divided on the extent of rate cut that RBI may effect at tomorrow's policy review meet. There will be no change in interest rates, say some. If at all there is, it is going to be by 25 bps because that is the policy RBI has followed till now, say others.

  • Nifty likely to stay in 7,720-8,050 range, says Ashwani Gujral. We expect the market to remain choppy and range bound. I would not be too bothered about this 100-point decline in Nifty because you could as well have a 100-point rally on Tuesday. It would mean nothing. Nifty made a recent low of 7,720. A break of that level may take the index to 7,500-7,600 levels, but that has an outside chance. Broadly, this 7,720-8,050 on the index is likely to sustain, he says.

  • Expect mild weakness; Nifty may trade in 7,700-7,750 range, says Sandeep Wagle. The trend seems to be mildly negative. But we will see lower levels 7,750 to probably 7,700 on Nifty. In case, 7,700 on the index is broken down, then probably we will talk of a target of 7,550. As of now, we cannot say that what will happen on Tuesday. If there is a 50 bps-rate cut, we may see the market moving higher as well. So be prepared for that, he says.

NIFTY 3-Month

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