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Market Report

Tuesday, 06-Oct-2015

NSE

  • The S&P BSE Sensex rose 147.33 points, or +0.55 per cent, to close at 26,932.88 while the broader market barometer 50-stock Nifty50 ended the day 33.60 points, or +0.41 per cent, higher at 8,152.90 today amid firm global cues.

  • Benchmark equity indices broke out of a narrow range on Monday and continued the momentum through Tuesday, pushing the Sensex above its crucial resistance level at 27,000 and Nifty above 8,150. However, the mood on the indices was muted, as investors exercised caution ahead of Infosys' September quarter results on October 12, which will unofficially kick off the earnings season.

  • The domestic market posted gains for the fifth consecutive day today after remaining rangebound for most of the session. The benchmark indices faced technical resistance at their respective 200-day exponential moving averages, while profit-taking after four consecutive days of gains also weighed on the day's proceedings. Technical experts say at best the index may rally another 100-200 points till 8,300, but will face heavy selling pressure beyond that level.

  • Buy on dips as long as Nifty stays above 8,050, says Mitesh Thacker. I do not think there is much of worry despite the fact that Tuesday session was not decisive. I think after having a big bar on charts, you are basically having some kind of subdued moves. But one thing is very clear: All the dips should be bought into this market as long as Nifty does not close below 8,050. I think that was the breakout level, he says.

  • Nifty may head towards 8,400; quarterly earnings to hold the key, says Ashwani Gujral. Nifty has done well in the last couple of days and is slowly heading towards 8,350-8,400. If the first few quarterly results come in a bit better than expected, then that will probably help the market to move up. But for Nifty testing 8,400 would not mean that we have rallied a lot. It would just come back to some sort of an equilibrium zone. There is a global rally to look at, he adds.

NIFTY 3-Month

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