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Market Report

Friday, 15-July-2016

NSE

  • The Nifty opened marginally positive at 8,565, hit a high of 8,594 declined sharply to 8,510 post Infosys results and recovered to end at 8,541.40 today, down 23.60 points or -0.28 per cent. The Sensex closed the day at 27,836.50, down 105.61 points, or -0.38 per cent.

  • Benchmark indices snapped their four-day winning streak weighed down by IT majors like Infosys and TCS post their first quarter earnings. Further, weakness in Europe in wake of the deadly terror attacks in Nice, France also dented investor sentiment. The Nifty50 closed below its crucial support level of 8,550, with IT stocks being the worst-hit.

  • The morning surge took Nifty50 within kissing distance of the 8,600 mark, but it came under selling pressure soon after. In the process, Nifty50 formed a 'Spinning Top' on the daily candlestick charts. A 'Spinning Top' is a neutral chart pattern, but investors should remain cautious and initiate long positions only when the Nifty50 decisively closes above the 8,600 mark, said experts.

  • The critical support for Nifty50 is placed around the 8,450 level and a close below this mark shall accelerate selling pressure, forcing Nifty50 to retest its breakout point in the 8,400-8,350 zone. However, the uptrend shall resume soon once Nifty50 closes above the 8,600 mark, said Mazhar Mohammad, Chart Strategist.

  • After market hours: RIL beats street estimates. Reliance Industries today posted +19.5 per cent year-on-year (YoY) jump in standalone net profit at Rs 7,548 crore for the quarter ended June 30. The reported net profit was ahead of Street estimate of Rs 6,441 crore. The oil & gas major reported a net profit of Rs 6,318 crore for the same quarter a year ago. This should be a big positive for the market on Monday.

NIFTY 3-Month

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