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Market Report

Friday, 29-July-2016


  • The 30-share Sensex closed at 28,051.86 today, down 156.76 points or -0.56 per cent, while the 50-share Nifty50 settled at 8,638.50 at the closing today, down 27.80 points or -0.32 per cent.

  • Benchmark share indices started the August F&O series on a subdued note with ICICI Bank leading the decline even as the government in consensus with the opposition stepped up its efforts to pass the crucial GST Bill. The Bank of Japan's less-than-expected monetary stimulus and deficient rains at almost 171 districts of the country conspired to break the market's winning streak.

  • The Nifty50 slipped below its crucial support level at 8,650 on Friday, as traders booked profit at higher levels. The index formed a 'Small Bearish' candle on the charts, but the overall structure still remained positive. The Nifty failed to cross its previous day's high of 8,674 and traded inside the trading range of the last session, which is a sign of muted activity. In the short term, the market can consolidate and slip below the 8,625 mark, which can trigger further selling, said chart analysts.

  • Experts are pinning their hope on the passage of the goods and services tax (GST) bill as the next trigger for the market. We are halfway through the monsoon season and that seems to be well distributed and as per expectations. Hence, the rural economy should get a decent push. On top of that, today we heard that the GST bill is up for consideration on August 2. There is every likelihood that it is going to get passed. If that is going to happen, investors will look at it as a very positive trigger, said Harsha Upadhyaya of Kotak AMC.

NIFTY 3-Month

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