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Market Report

Tuesday, 30-Aug-2016

NSE

  • The S&P BSE Sensex gained momentum after a gap-up start and reclaimed its crucial psychological level of 28,000. The index, which opened at 28,012 against the previous close of 27,902, hit another 52-week intraday high of 28,356 and a low of 28,010, before settling at 28,343.01, up 440.35 points or +1.58 per cent. On similar lines, the broader Nifty50 of the National Stock Exchange breached its crucial resistance level of 8,700 to close at 8,744.35 up 136.90 points or +1.59 per cent. Nifty50 made a fresh 52-week high at the closing today.

  • After remaining sluggish for almost a week, the domestic stock market made a phenomenal comeback today, with the headline indices hitting fresh 52-week highs. The market surged mainly on account of positive cues stemming from global markets as fears of a US Fed rate hike in September has eased. Experts believe that the US Fed will hike rates in December, rather than in September, for the simple reason that you will have US elections behind it.

  • The Nifty50 managed to hold its immediate support of 8,540 zone, which is the 23.60 per cent retracement of the recent up move from 7,927 to 8,728 level. The index broke past two resistance levels convincingly, which is a positive sign for the bulls. The first level was 8,700 and the second crucial resistance level was 8,728.

  • The Nifty50 broke out of its narrow trading range of 150 points today to reclaim its crucial resistance level of 8,700 and formed a 'Long White Day' or a large bull candle on the daily candlestick charts. A 'Long White Day' on the daily charts and the crossing of the 8,728 level on a closing basis are positive signs for the bulls. If the momentum continues, the index may be on track to hit its next logical target of 8,790 and 8,844, experts said.

NIFTY 3-Month

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