IntradayTrade dot Net dot IN
Market Report

Friday, 30-Sept-2016

NSE

  • The benchmark BSE Sensex rose by a marginal 38.43 points, or +0.14 per cent, to close at 27,865.96 today, while NSE's Nifty50 regained the 8,600 level with a 19.90 point, or +0.23 per cent, gain to close at 8611.15 today. Midcap and smallcap stocks were star performers of the day, rising +1.95 per cent and +2.13 per cent, respectively.

  • After witnessing a sharp fall yesterday due to geo-political concerns, markets rebounded and ended flat on the first day of October series despite weak global cues.

  • The Nifty50 remained volatile throughout today's session, but managed to reclaim its crucial level at 8,600. In the process, the index formed a 'Spinning Top' on the daily candlestick charts. Today's pattern was formed in a downtrend, which indicates that the sellers might be losing conviction and a bottom may be forming. The index bounced back from the crucial support level at 8,550 for the second consecutive session, which could be a good sign for the bulls. Now, Nifty has to sustain above the 8,688 level for the upside momentum to continue, while a dip below the 8,500 and 8,550 levels will put the bears back in charge of the market.

  • Analysts on Dalal Street said the sharp selloff triggered by a flareup can create opportunity for investment in quality stocks. The correction should be used as an opportunity to accumulate quality companies, which have good balance sheets, provide reasonable growth visibility and are capital efficient, said Pankaj Pandey of ICICI Securities.

NIFTY 3-Month

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