CAUTION @ HIGHER LEVELS
Nifty 7727 +101
Nifty gained smartly scoring a TON and closed well above 7700 with all sectoral indices closing in the green. As Nifty closes above 7700 mark, it gets into short term bullishness , but one more positive close is required to confirm the same. Nifty spot is expected to encounter resistance at 7765, 7800 and find support at 7685, 7650 for Wednesday. While Global cues, Quarterly results and Funds flow are expected to broadly guide the market movement, based on the present market position, market can be expected to face selling pressure at higher levels particularly in Second half of the day.
Nifty 7727 +101
Nifty gained smartly scoring a TON and closed well above 7700 with all sectoral indices closing in the green. As Nifty closes above 7700 mark, it gets into short term bullishness , but one more positive close is required to confirm the same. Nifty spot is expected to encounter resistance at 7765, 7800 and find support at 7685, 7650 for Wednesday. While Global cues, Quarterly results and Funds flow are expected to broadly guide the market movement, based on the present market position, market can be expected to face selling pressure at higher levels particularly in Second half of the day.
NIFTY
RECLAIMS 7700 MARK
Domestic
markets today gained for the second straight session with the Sensex
rising over 361 points in its biggest spurt in about 10 weeks and the
Nifty climbing 101 points to reclaim the 7,700-mark fuelled by heavy
buying in bluechips, led by Tata Motors, on robust earnings.
Refinery, banking, power, consumer durable shares surged ahead of
June IIP data release and a fall in crude oil prices following easing
of economical global worries, also boosted the sentiment, brokers
said. The BSE Sensex resumed higher at 25,703.78 and hovered in wide
range of 25,904.98 and 25,645.79 before ending the day at 25,880.77,
showing a smart gain of 361.53 points of 1.42 per cent. Yesterday, it
had risen by 190.10 points. Today's 361.53-point rise is the Sensex's
best daily gain since June 6, 2014 when it zoomed by 376.95 points.
Shares of Tata Motors closed 6 per cent up after the firm reported
over 3-fold jump in June quarter consolidated profit. "Some of
the stocks like Tata Motors, Apollo Hospitals and Oil India gained
after posting healthy numbers. Power and pharma stocks were also in
limelight. Easing of crude oil prices too boosted market sentiment,"
said Rakesh Goyal, Senior Vice President, Bonanza Portfolio. The NSE
50-share Nity rose 101.10 points, or 1.33 per cent -- its biggest
rise since June 30 -- to end at 7,727.05. Yesterday, it had climbed
57.40 points. It regained the 7,700 mark at close after breaching it
last on August 5, 2014. Markets experts said quarterly profits
reported by a majority of big firms today were above estimates.
Sentiments remained up beat as most participants expect further
improvement IIP and CPI inflation, which are scheduled for release
later today, according to Jayant Manglik, President-retail
distribution, Religare Securities. Asian stocks ended mixed as
investors seemed to put aside geopolitical concerns. Key benchmark
indices in Hong Kong, Japan and South Korea rose by 0.10-0.20 per
cent, while China, Singapore and Taiwan moved down by 0.04-0.14 per
cent. European markets were also trading mixed in their early trade
as indices in France and Germany moved down by 0.36 per cent each
while the UK's FTSE moved up marginally.
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