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Market Report

Thursday, 11-Aug-2016

NSE

  • The 30-share Sensex and the broader Nifty50 of NSE opened flat but turned volatile soon after as the equity benchmarks continued to swing between gains and losses. The 30-stock pack gained as much as 127.51 points in intra-day trade before closing at 27,859.60 today, up 84.72 points or +0.31 per cent. The Nifty50 settled at 8,592.15 today, up 16.85 points or +0.20 per cent.

  • The Nifty50 index moved in a narrow range throughout the trading day, but the bulls failed to push the index above its crucial level of 8,600 today. In the process, the index formed a 'Hammer' like pattern on the daily candlestick charts. A 'Hammer' pattern after a 'Bearish Belt Hold' formation shows that the index might have formed a short-term bottom, but a close above the 8,620 level is required for the upside to sustain, experts said.

  • Experts, however, attributed today's fall to profit taking. If the equity rally continues, it cannot be without the participation of banking stocks and the numbers coming out from the PSU banks are not very encouraging. I think the stage was already set for some amount of profit taking, said Sanjay Sinha of Citrus.

  • Pharma is one counter that has given consistent returns for past many years. But due to regulatory concerns and a shift in focus to domestic players, the pharma counter has entered the bear grip of late, with as many as 36 stocks falling in excess of 20 per cent from their 52-week high levels. However, experts believe it would not be wise to write off the sector as yet. They believe the regulatory concerns looming over the sector would take another quarter or two to fade away.

NIFTY 3-Month

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