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Market Report

Thursday, 06-Oct-2016

NSE

  • At close, the Nifty50 was at 8,709.55 today, down 34.40 points, or -0.39 per cent. The Sensex ended the day at 28,106.21 today, down 114.77 points or -0.41 per cent. The only respite for the benchmark indices was that it held above the crucial support at 8,700 level.

  • Domestic markets closed lower today as investors booked profits in cement stocks after a stellar rally this week and amid caution ahead of the US payrolls data, which is expected to give a better idea about the Federal Reserve's likely policy stance. Today was yet another day when the bulls gave up morning gains as selling emerged after the Nifty50 approached the 8,800 mark, which is a crucial short-term resistance for the 50-pack index.

  • The Nifty50 struggled to keep the momentum going as soon it came closer to its crucial resistance level at 8,800 and witnessed a decline due to profit booking. It took the index towards its support level at 8,700. In the process, the Nifty50 made a 'Bearish Candle' on the daily candlestick charts today. Technically, the outlook remains bearish as long as the Nifty50 trades below the 8,730 level, experts said.

NIFTY 3-Month

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