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Market Report

Thursday, 07-July-2016

NSE

  • The S&P BSE Sensex, which had opened flat in the morning, staged a zigzag show all through the day before ending mildly higher at 27,201.49 today, up 34.62 points or +0.13 per cent. The broadbased Nifty50 index settled at 8,337.90 today, up 1.95 points or +0.02 per cent. Both the indices witnessed a spike after European markets showed strong gains in opening trade, but gave up those gains in the last half-an-hour.

  • Extreme swings between gains and losses kept the domestic equity market on the tenterhooks today, as investors turned cagey on the IT stocks and Tata stocks fell amid reports that Tata Steel would delay a decision to sell its UK Port Talbot plant thanks to the turmoil in Europe post Brexit vote. However, with bank stocks tumbling in Europe and the US, and companies in Japan facing the wrath of a rising yen, the domestic market managed to hold firm through the session.

  • The Nifty50 closed a lacklustre day flat but with a positive bias today, forming a 'Doji Cross' on the daily candlestick charts. This signalled indecisiveness among the bulls and the bears. The candlestick patterns pointed to further selling pressure or profit booking ahead, and it could come over the next few sessions. Market experts advised traders to remain cautious over the next few sessions. For the upward trend to continue, the market has to surpass the 8,350 level convincingly, they said.

  • The Nifty seems to be keen on some timewise retracement rather than pricewise retracement. That is what is becoming obvious over the past three sessions. You have to allow this market to play itself out, said Dr CK Narayan.

NIFTY 3-Month

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