MARKET SUMMARY FOR 07 JULY 2015
The market
ended marginally lower after consolidation. The Sensex was down 37 points
at 28171 and the Nifty slipped 11 points at 8510. About 1670 shares advanced,
1153 shares declined, and 157 shares were unchanged. Vedanta, NTPC, Hindalco,
Hero Motocorp and ONGC were major laggards while Coal India, HDFC, SBI, Wipro
and Sun Pharma were top gainers in the Sensex. Continuing its winning run for the third straight session, Sensex
gained over 122 points in early trade today on sustained across-the-board
buying by participants amid a rebound in Asian markets. Indian market has an uncanny
knack of mostly correctly anticipating the movement in the US market especially
on the day’s market there would show a reverse upswing. It exactly panned out
that way while the Dow might have closed 46 points down but it recovered well
from the day’s low. The sentiment this morning in Asia is quite positive but
the SGX July Nifty is trading down by just 2.5 points at 8531 as we write this
Market Outlook. Chances are we would see higher Nifty levels of 8550 getting
tested in today’s session. It is now entering the most critical supply zone
that lies between 8550 and 8596-once this range is decisively taken out we can
expect levels of even 8700 coming to the fore; however, we first need a
decisive breakout above the 8550 – 8600 range. Till such time the Nifty does not
fall below 8493 on sustainable basis, the bulls would not have to bat an eyelid
in retaining their advantage.
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