Sensex ends 221 pts higher; Consumer Discretionary index hits record peak

Asian Paints, Axis Bank, ICICI Bank, Britannia Industries, SBI Life, and Indian Oil Corporation ended the day as the top gainers

5:33 PM

TECH VIEW :: Ashis Biswas, Head of Technical Research at CapitalVia Global Research

The market witnessed a lackluster movement and an attempt to overcome the resistance level around the Nifty 50 Index level of 15900. While a breakout above 15900 is the key factor from a short-term perspective, Anything above this level is important for the market to gain momentum, which could lead to an upside projection till 16200 levels. The momentum indicators like RSI, MACD to further strengthen in favor of a positive outlook and advise the traders to consider a breakout above 15900 as an opportunity to build fresh long position

5:18 PM

MARKET CLOSING COMMENT :: Deepak Jasani, Head of Retail Research at HDFC Securities

Indian benchmark equity indices rose for the fourth consecutive session on June 15. The Nifty opened gap up and then remained in a narrow 46 point gap through the day. At close, the Nifty was up 57.40 points or 0.36% at 15869.30.

 

Volumes on the NSE were much below recent averages. Among sectors, Realty, Consumer Durables and FMCG were the main gainers while Healthcare and Power were the main losers.  

 

Indian markets on June 15 ignored the high inflation numbers announced the previous day. Attention and funds are being diverted to the four IPOs lined up this week. This is also reflected in lower volumes in the secondary markets. Rangebound trade at these high levels suggest hesitation on the part of traders to expand their commitments. However a positive outcome from the US Fed meet this evening could help overcome this hesitation. Nifty could remain in the 15940- 15791 band for the near term.

4:57 PM

TECH VIEW :: Rohit Singre, Senior Technical Analyst at LKP Securities

Th Nifty index opened with a good gap-up and managed to close on a positive note at 15,869 with gains of nearly half a per cent. The index has shown sort of profit booking from its strong hurdle zone of 15,900 which will continue to act as resistance for the coming session. This is followed by next hurdle of 16000. The index has formed a good base at 15,800-15,700 zone and holding above the said levels gives strong support to overall structure.

4:47 PM

TECH VIEW :: Sumeet Bagadia, Executive Director at Choice Broking

Technically, the nifty is in a bullish trend from the last many trading sessions and making higher highs. In the recent session, it has breached an immediate resistance of 15835.55 and settled above it, which indicates bullish strength in the counter. On the daily chart, the index has been hovering above 200 & 100 days Simple Moving Averages. Moreover, an oscillator Stochastic has also suggested positive crossover, which indicates bullish strength for the near term. At present, the nifty seems to have resistance at around 16000 levels while immediate support comes at 15650 levels.

4:33 PM

Technical set-up for Wednesday

The short term trend of Nifty continues to be positive with range bound action. The overall chart pattern of Nifty indicate a chances for further consolidation or minor weakness from the highs in the next 1-2 sessions. Immediate support is placed at 15700.

Views by: Nagaraj Shetti, Technical Research  Analyst, HDFC Securities

4:24 PM

MARKET STRATEGY :: Bank stocks could be seeing early signs of rebound

Markets edged marginally higher in a range-bound session, taking cues from stable global indices. After the initial uptick, the benchmark hovered in a narrow band; however, movement on the stock-specific front kept the participants busy till the end. Finally, the Nifty index ended higher by 0.4% at 15,869 levels. 

 

Nifty has been trading in an uptrend channel on the intra-day chart and is currently hovering around the upper band of the same. We’re seeing an early sign of a rebound in the banking index which could trigger a further surge. Traders should continue their focus on the selection of stocks and avoid contrarian bets.

Views by:  Ajit Mishra, VP - Research at Religare Broking

4:12 PM

MARKET RECAP :: Market bulls dancing to global cues

Indian bourses continued its gaining streak tracking optimism from global peers, which is despite the rising inflation concerns. The global market is eagerly awaiting the two-day Fed policy meeting’s decision to see if the Central Bank would signal any change in policy. While domestic CPI jumped to 6.3% in May breaching the RBI’s comfort zone on account of higher food & energy prices, which is expected to ease due to the opening of the economy.

Views by: Vinod Nair, Head of Research at Geojit Financial Services

4:03 PM

MARKET RECAP :: S Ranganathan, Head of Research at LKP Securities

Bulls were firmly in control today as FMCG & Paint stocks were sought after with the broader market also displaying renewed buying interest in high-quality Midcap names across sectors. Selective themes like Infra, Paper & MFI were in action today amidst high volumes on positive news flow.

3:58 PM

IPO Alert :: Sona Comstar issue subscribed 22% till 3:45 PM on Day 2

3:56 PM

IPO Alert :: Shyam Metalics and Energy issue subscribed nearly 3x till 3:45 PM on Day 2

3:52 PM

Broader market :: S&P BSE SmallCap adds 0.4%

3:51 PM

Broader market :: BSE MidCap index ends 0.6% higher

3:48 PM

NSE Snapshot :: Top Nifty50 gainers of the day

3:46 PM

Top stocks that supported the Sensex today

3:45 PM

Sectoral trends on the NSE