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Market Report

Friday, 07-Oct-2016

NSE

  • The S&P BSE Sensex ended the day in the red, down 45.07 points, or -0.16 per cent, from its previous close at 28,061.14 today. The headline index, which opened at 28,129 against the previous day's close of 28,106, hit an intraday high of 28,155 and low of 27,964. On similar lines, the broader Nifty50 of the National Stock Exchange (NSE) closed 11.95 points, or -0.14 per cent, down at 8,697.60 today to settle below the psychological mark of 8,700.

  • Lack of positive sentiment, obvious jitters before the US jobs numbers and caution ahead of the September quarter earnings restricted the domestic market from moving beyond a certain range today. Markets ended lower on caution ahead of US jobs data that could raise the prospects of a rate hike by the US Federal Reserve.

  • The Nifty50 managed to bounce back from its 50-day EMA today and closed near its opening price to form a Hammer-like pattern on the daily candlestick charts, which signified that the market may be nearing a bottom. A Hammer candle indicates that the bulls came to the rescue at key support levels and managed to push the index higher. If the index holds above its intraday low of 8,663 on Monday, chances of a recovery will remain intact. Else, profit booking may drag the index towards 8,600 and 8,550 levels.

  • Giving market outlook for the coming week, Kunal Bothra, Technical Analyst, said, Action would probably be extremely stock-specific in the holiday-truncated next week. Also, with the earnings season kicking off, a lot of news would probably start kicking into individual stocks. For the index, the 8,680 levels remains a key pivot till we do not close below that in the spot market. I think the market will probably continue to be in a sideways range once again, he said.

NIFTY 3-Month

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