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Market Report

Friday, 01-Jan-2016

NSE

  • The S&P BSE Sensex ended the day higher by 43.36 points, or +0.17 per cent, at 26,160.90 today. The 50-stock barometer Nifty50 closed at 7,963.20 today, up 16.85 points, or +0.21 per cent.

  • As we entered a New Year, benchmark gauge advanced on the first day of the trading session after capping the first annual fall in almost four years. Benchmark share indices gained over 1% to rise for the third consecutive week with pharma stocks among the top gainers. Both the Sensex and Nifty reclaimed their psychological levels of 26,000 and 7,900 respectively. For the week ended January 1, 2016, the S&P BSE Sensex ended 322 points or +1.2% higher while the Nifty50 settled up by 102 points or +1.3%.

  • Analysts at top brokerage firms expect equity benchmark Sensex to rally up to the 35,000 level, a 30 per cent upside from yearend closing, in calendar year 2016. Revival in corporate earnings growth, a bigger reforms push and resumption of inflows from foreign institutional investors (FIIs) would power this bounce in stocks, they said.

  • Bulls would dominate the year 2016, says Jimeet Modi of SAMCO. Nifty 50 has been rising continuously after hitting strong support levels of 7550. There is strong resistance at 8000 levels and some amount of profit booking is expected at these levels. However breakout above 8000 would be a strong signal of the resumption of the uptrend at least for the medium term. The market will await cues from the international markets for its direction once the financial markets reopen from the Christmas holidays, he says.

  • Nifty50 on the verge of a breakout, 7,960 crucial support, says Mitesh Thacker. We are on the verge of giving a breakout on the Nifty. My sense is that getting past 7,960 should add some strength to the Nifty and we are already there. The breadth has been supportive and the only worry to certain extent has been the Nifty IT index which is showing some signals of weakness. If that were to start moving up then maybe we will get some more fillip on the upside. The Bank Nifty still remains stronger of the two indices. Overall, we are trading with positive bias, he says.

NIFTY 3-Month

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