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Market Report

Friday, 09-Oct-2015

NSE

  • The S&P BSE Sensex rose 233.70 points, or +0.87 per cent, today to close at 27,079.51 while the 50-stock barometer Nifty50 ended 60.35 points, or +0.74 per cent, higher at 8,189.70 today. The BSE Sensex rose 294 points, or +1.1 per cent, for the week while Nifty50 gained 70 points, or +0.86 per cent as technology, metals and capital goods stocks gained.

  • The domestic stock market closed near its seven-week high as the benchmark indices posted gains for the second consecutive week. The market was buoyed by the rally seen in other Asian and European markets after the minutes of the September 16-17 meeting of the Federal Open Market Committee (FOMC) indicated that there was no urgency on the part of the US central bank to go ahead with the much-talked-about interest rate hike in the USA.

  • In intraday trade today the Nifty managed to scale past the crucial psychological level of 8,200 but finally ended trade on a negative note, as it failed to cross the upper end of the trading band i.e. 8,222, which led to minor profit booking. A sustained failure to cross this gap of resistance may drag the index to the lower end of the 8,100-8,075 range, experts said. Nifty50 is still displaying a bit of fatigue at higher levels, but at the same time it has managed to hold on to its crucial support level of 8,100, which suggests the bulls still have some control over the market.

  • Nifty may struggle to breach 8200; see strong support at 8050, says Mitesh Thacker. We remain positive on the market. We seem to be in some kind of consolidation, given the fact that the Nifty has managed to get past the cluster of averages. When the index was falling, we had a big gap down from levels of around 8225. So getting past 8220 level on the index might take a bit of struggle and, in this sideways activity. Once Nifty starts getting past the level of 8220, 8340-8350 looks to be the very logical target, he adds.

  • Better-than-expected Q2 results may lift Nifty by 200-300 points, says Ashwani Gujral. Beyond 8,050, the index basically has key moving averages. The 200-day moving average is at around 8,400. There are chances that we should gain impetus because of results next week. So time-wise as well as from a logical target perspective, the market still has more upside to go. We believe the weak guys will basically be out and once the market consolidates enough and stronger hands come in, you will head towards 8,350-8,400, he adds.

NIFTY 3-Month

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