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Market Report

Tuesday, 15-Dec-2015

NSE

  • BSE benchmark Sensex climbed 170.09 points, or +0.68 per cent, to close at 25,320.44 today. The NSE barometer, Nifty50, settled at 7,700.90, up 50.85 points, or +0.66 per cent.

  • The Nifty reversed early losses in the second half of the trading session to end higher for the second day today to reclaim the crucial psychological level at 7,700 after firm global crude oil prices led to a rally in oil stocks while FMCG shares gained despite rise in consumer price inflation. Brisk buying seen across European markets boosted investor confidence on Dalal Street ahead of the two-day Fed rate-setting meeting.

  • Market participants across the world, including India, are waiting to see the US Federal Reserve stance as well as future commentary on policy rate. The US Fed will kickstart its two-day meeting later today, but the outcome will be known only late Wednesday. The Indian market will react to the outcome on Thursday. Most market analysts expect the US central bank to hike rate by 20-25 bps. Some of them feel a rate hike by the US Fed will actually be a good thing for our market, and it can actually lead to a reversal of the bearish trend that we have been witnessing, partly because the market has already corrected a lot, and the uncertainty around the event is already in the price.

  • Market may hit 7,820, says Sandeep Wagle. If you ask me my bias, my bias would certainly be bullish. But would I buy any stock at any level? The answer is no. I would wait and watch since we have an event (the Fed hike), otherwise the bounce back can extend to 7,730 and once above that, probably 7,800-7,820, says Wagle.

  • Nifty rally should extend to 7,800 plus, says Mitesh Thacker. We have closed right at the supply zone of 7,700. If we start getting past 7,725 tomorrow, then I think this rally should extend to about 7,800 plus levels. In case we fail over here, then I think we are back to the range of 7,580-7,550 on the downside. Given the fact that we have an event coming up, choppiness would be more of a concern and possibly if Bank Nifty fails to get past 16,450, we would have a down day tomorrow, he says.

NIFTY 3-Month

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