IntradayTrade dot Net dot IN
Market Report

Thursday, 15-Oct-2015

NSE

  • The S&P BSE Sensex edged 230.48 points, or +0.86 per cent, higher to close at 27,010.14 today while the 50-stock barometer Nifty50 ended the day 71.60 points, or +0.88 per cent, higher to close at 8,179.50 today.

  • The domestic stock market on Thursday staged a smart rebound, snapping a three-day losing streak on positive trends seen in other Asian and European markets, after weak US economic data fuelled expectations that the US Fed will further delay interest rate hike. The Nifty swung away from the gloomy shadow of earnings disappointments from technology giants Infosys and TCS. The rebound in today's market was led by gains in auto, auto ancillary and banking stocks.

  • Experts are not very happy with the developments today. Well, rally in the Sensex, Nifty, and Bank Nifty is not very impressive, said Ashwani Gujral. Basically, we are having an upswing which possibly could get up to 8,230-8,250, but one would have expected more momentum if we were going to break out of this range. There is buying but not in the whole market, he says.

  • According to Mudit Goyal, Technical Analyst, Nifty has witnessed a decent upside from yearly low and surpassed 8200 in a single upswing. From past few sessions, nifty is continued to face hurdle around 8200 levels, which is the 61.8% Fibonacci retracement level of biggest downswing of 2015, from 8620 to 7540 levels. He further said, Apart from this, 100EMA and 200EMA also lies around 8200 levels, which is also acting as a resistance zone. Now days, the Nifty is consolidating in the range of 8080-8220 levels with positive bias. Therefore, any breakout of same can stretch rally upto 8380-8400 levels in near term, he adds.

NIFTY 3-Month

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