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Market Report

Tuesday, 09-Aug-2016


  • The domestic equity benchmarks edged lower on policy status quo as also negative cues from European markets. The S&P BSE Sensex tanked 97.41 points, or -0.35 per cent, to 28,085.16 today while the 50-share Nifty50 lost -0.38 per cent or 33.10 points to end the day at 8,678.25 today.

  • The third bimonthly money policy review of the Reserve Bank of India (RBI) failed to inspire Dalal Street, as it succumbed to profit booking on Tuesday.

  • The Nifty50 failed to close above its crucial level of 8,700 today, and in the process, the index formed a 'Hanging Man' kind of pattern on the daily candlestick charts. The selloff is seen as an early indication of a short-term top being formed. It gives an early indication that the demand may be waning. The Nifty50 made two muted chart patterns in consecutive sessions, which suggest the index could well consolidate at current level. Traders are advised not to create any fresh long positions and wait for the index to surpass the 8,750 level convincingly, say charting experts.

  • The RBI decision to maintain status quo was in line with our expectations, said Arun Gopalan of Systematix. The RBI stand in keeping the system flushed with liquidity is in itself sufficient to keep yields and lending rates on a downward trajectory, added Gopalan. Keeping all the facts in view, we foresee near-term pressure in the market, said Abnish Kumar Sudhanshu of Amrapali. We expect rate-sensitive stocks from banking, reality and auto sectors to witness some pressure going forward, added Sudhanshu.

NIFTY 3-Month

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