IntradayTrade dot Net dot IN
Market Report

Wednesday, 07-Sept-2016


  • The 30-stock sensitive index or Sensex of the Bombay Stock Exchange opened the day at 29,035 against the previous close of 28,978. The headline index hit an intraday high of 29,067 and a low of 28,914, before settling at 28,926.36 today, down 51.66 points, or -0.18 per cent. On similar lines, the broader Nifty50 of the National Stock Exchange fell 25.05 points, or -0.28 per cent, to close at 8,917.95 today.

  • After jumping to a fresh 18-month high yesterday, the domestic stock market turned sluggish today paring all gains, mainly on account of profit booking on the counters of recent outperformers such as HDFC. However, the overall sentiment looked positive on diminishing chances of the US Federal Reserve hiking interest rates after weaker-than-expected US jobs data for August.

  • The BSE Sensex slipped below the 29,000 mark, while the NSE's Nifty50 at best managed to hold above the 8,900 level. What moved up for the day was fear gauge India VIX, which jumped +3 per cent for the day.

  • The Nifty50 came under selling pressure after hitting a fresh 18-month high of 8,968.70 earlier in the day today and made a 'Bearish Belt Hold' pattern on the daily candlestick charts. After forming 'Long White day' in the previous sessions, a 'Bearish Belt Hold' pattern confirms a bearish view, but investors can still maintain buy on dips strategy as long as Nifty50 holds 8,800-8,888. This pattern often signals a possible reversal in the investor sentiment. However, traders should not go short when it opens for trading on Thursday, said experts.

NIFTY 3-Month

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