Nifty has to close above 8,390 for the first confirmation of a new upmove
The stock market is fearful about the potential negative news from international markets and is therefore moving up cautiously. Today’s market indices closed with marginal gains. The S&P BSE Sensex closed at 27,661.40, up 0.32%. It opened at 27,705.36 and touched a high of 27,729.46 and a low of 27,530.90. The CNX Nifty closed at 8,360.55, up 0.38%. It opened at 8,365.70 and touched a low of 8,315.40 and a high of 8,377.10. Bank Nifty, as expected was more bullish, closing at 18,719.80, up 1.14%. It opened at 18,584.95 and touched a low of 18,534.55 and a high of 18,767.80.
On Monday, the stock market displayed bullishness in a spectacular fashion. After being down 98.75 points at the opening following the news of Greek referendum Sunday, the NSE’s CNX Nifty recovered the entire loss and closed higher, even as all global markets were awash with red. The market is set to record further gains, our guess.
The 50-stock benchmark opened Tuesday higher and moved in a range up to 2pm. After this, it made a quick plunge into the red. It tried recovering but after reaching up to Monday’s close, Nifty slipped again and closed marginally lower. The S&P BSE Sensex closed flat some 37 points or 0.13% down in the day's trade. The Sensex touched a high of 28,335.23 points and a low of 28,084.36 points in the intra-day trade. The 50-scrip Nifty closed 11.35 lower points or 0.13% down at 8,510.80 points. In an emergency meeting of Eurozone leaders in Brussels, Greek Prime Minister Alexis Tsipras was expected to reveal fresh proposals to the country's creditors, was the Tuesday report.
Drawn by the bull market, companies have been lining up initial public offers (IPOs). At least three companies -- low-cost carrier IndiGo, staffing firm Teamlease and e-retailer Infibeam – were expected to raise an over Rs3,000 crore. The 50-stock index opened Wednesday below Tuesday’s level and after a range bound session till 10.30am, started moving sharply lower and hit a six-day low. Thereafter, Nifty tried to recover, was not successful and closed just off the day’s low. The continuous slide in the Chinese stock markets, crashing commodity prices and the stalemate in the Greece debt talks dampened investor sentiments.
On Thursday, indices remained subdued but recorded only minor losses with the market players keeping an eye on the China meltdown and stalemate in the Greek debt crisis. On Friday too, the indices remained subdued even though all global markets were sharply higher on the hopes of a resolution to the Greek crisis.