IntradayTrade dot Net dot IN
Market Report

Thursday, 02-June-2016


  • The 51-share Nifty50 reclaimed the 8,200-mark to close at 8,218.95 today, up 39.00 points or +0.48 per cent. The BSE benchmark Sensex settled at 26,843.14 today, up 129.21 points or +0.48 per cent.

  • The S&P BSE Sensex and the broader Nifty50 opened flat. The benchmark indices traded with a negative bias for most part of the day. A rough day turned impressive as the market smartly bounced back in the closing hours of today's session to close with gains. Sentiments turned positive after the Met department said that it expects favorable conditions for advance of the monsoon towards the Bay of Bengal in the next two days.

  • Benchmark indices staged a recovery in late trades after European shares reversed early losses even as focus shifted to the crucial meetings of OPEC members and the European Central Bank later today. However, after market hours today, OPEC has failed to agree on oil output policy, with Iran insisting on the right to raise production. But Saudi Arabia has promised not to flood the oil market with extra barrels.

  • The Nifty50, which closed above its crucial resistance level of 8,200 today after about seven months, formed a 'Bullish Belt Hold' pattern on the daily candlestick charts, after remaining in a narrow consolidation range for three days. A Bullish Belt Hold pattern formed after a period of consolidation holds more value. As Nifty50 registered a breakout above this consolidation range, any followup buying over the next trading session can be considered as resumption of the uptrend, experts said.

  • The market will keep a watch on India's services PMI data to be released tomorrow. The india services PMI stood at 53.7 in April 2016, down from 54.3 in March. Any improvement or a higher-than-forecast number of 53.8 will be positive for the market.

NIFTY 3-Month

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