IntradayTrade dot Net dot IN
Market Report

Wednesday, 28-Oct-2015

NSE

  • The 30-pack index ended the day 213.68 points, or -0.78 per cent, lower at 27,039.76 while the 50-stock barometer Nifty50 closed at 8,171.20 today, which is down 61.70 points, or -0.75 per cent. Axis Bank and ICICI Bank were the top losers on the BSE benchmark, down -7 and -4 per cent, respectively.

  • Benchmark indices continue to reel under pressure and finished lower for the third straight session with Nifty closing below the 8,200 mark ahead of the US Fed FOMC meet outcome thus expecting some signals on interest rate hike. Also, the derivatives expiry tomorrow is keeping the market participants on the edge. The pressure across the bourses is exerted by banking and pharma shares.

  • The Nifty open interest structure continues to indicate resistance at 8300 levels and the markets have reversed several times from there during the past few trading sessions, say experts. On the downside, the markets could take support near the 8150 levels for the current expiry. Overall, data suggests that we could see the markets end this expiry near the 8220 levels. Some clarity on rate hike from the US Fed can give the market some bounce, they add.

  • Nifty to find support at 8,100; see shorting opportunities in PSU banking space, says Mitesh Thacker. We are still in that broader 200-220 point kind of range, starting from 8,350 to about 8,130-8,100. As long as 8,100-8130 on the index holds, there is always a good chance for pullback. But whether that will happen in the next few days is anyone's guess, he adds.

  • After market hours today: The US Fed kept interest rates unchanged, but downplayed global economic headwinds and left the door open to tightening monetary policy in December.

NIFTY 3-Month

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