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Market Report

Wednesday, 05-Oct-2016

NSE

  • The S&P BSE Sensex closed at 28,220.98 today, down 113.57 points or -0.40 per cent from its previous close. The benchmark index opened at 28,425 against the previous close of 28,334 and hit an intraday high of 28,477 and low of 28,188 during the session. On similar lines, the broader Nifty50 index of the National Stock Exchange (NSE) closed at 8,743.95 today, down 25.20 points or down -0.40 per cent from its previous close. After a promising start, the Nifty50 ended the day below the 8,750 mark.

  • Defying expectations, the domestic equity market ended in the red today, with the benchmark Sensex falling over 280 points in intraday on speculation that the European Central Bank would eventually wind up its bond-buying programme. The Nifty50 came under intense selling pressure as it failed to cross the key resistance levels at 8,800 and 8,820. Now, a break below 8,720 and 8,730 levels can trigger further downside for the market.

  • The Nifty50 slipped below its psychological support level at 8,750 today and formed a 'Bearish Belt Hold' kind of pattern on the daily candlestick charts. A 'Bearish Belt Hold' pattern formed after a 'Doji' signifies weakness in the market and calls for traders to tread with caution. This pattern often signals a reversal in investor sentiment from bullish to bearish, but traders should await further price action before making any decision.

NIFTY 3-Month

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