IntradayTrade dot Net dot IN
Market Report

Tuesday, 10-May-2016

NSE

  • The Sensex ended at 25,772.53 today, up 83.67 points or +0.33 per cent, while NSE's Nifty50 closed at 7,887.80 today, up 21.75 points or +0.28 per cent. Today, there was a combination of short covering and positive global cues while good results are getting rewarded.

  • Domestic equity indices opened in the red and traded flat with a negative bias for most of the day before turning positive at around 1 pm on strong cues from a strong opening in the European markets. After yesterday's raging bull run, today would have ended in utter disappointment had it not been for this late surge. A fresh bounce in crude oil prices also helped investor sentiment.

  • Technically, The Nifty50 consolidated in a narrow range today after rallying over 130 points in the previous session, which resulted in a 'Hanging Man' kind of pattern on the daily candlestick charts. After a long bull candle, a 'Hanging Man' pattern suggests there could be a potential downside in the coming sessions. However, a confirmation is still required. A move below the 7,830 level would confirm a bearish bias, technical experts said. However, chances of a breakout are still higher than that of a breakdown, they said.

  • Analysts, however, maintained a positive bias. The market has been grinding its way ever so slowly and absorbing all the selling. This can be considered a positive trend. We are now approaching the significant supply zone at 7,950, but the very steady and slow upward grind generally would not lead to that zone perhaps. We would retain our bullish bias and look for the index to overcome the 7,950 level, said Dr CK Narayan.

NIFTY 3-Month

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