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Market Report

Tuesday, 08-Mar-2016

NSE

  • The S&P BSE Sensex ended the day at 24,659.23, up +0.05 per cent or 12.75 points while the NSE's Nifty50 closed at 7,485.30, losing 0 per cent or -0.05 points. The market closed so flat today that one index closed in the green while the other closed red. While metal stocks led the rally, banking and IT stocks proved the biggest laggards.

  • The market had opened strong in the morning with the Nifty50 breaching the crucial 7,500 mark, but two hours into the session, the market momentum weakened tracking weak cues from its global counterparts. In the second half though, the equity benchmark bounced back despite weakness in the European markets, where some of the indices fell as much as -2 per cent.

  • As of now, the market appears to be heading for a corrective and consolidation phase with the formation of 'Hanging Man' kind of pattern on the daily candlestick charts, experts say. It is a bearish candlestick pattern that usually forms at the end of an uptrend. It gets created on the candlestick charts when there is a significant selloff as soon as the market opens, but buyers manage to bring the prices back up near the opening prices. The Nifty50 ended very flat on Friday and today.

  • It remains to be seen whether the slide in the market attracted fresh shorts. If that is the case, then we should have an interesting situation going ahead. We should probably wait till about 7,400 level, which is where you can find a lot of option positions, said Dr CK Narayan.

NIFTY 3-Month

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