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Market Report

Monday, 07-Nov-2016

NSE

  • The S&P BSE Sensex closed today's trade 184.84 points, or +0.68 per cent, higher at 27,458.99 today. The headline index, which opened at 27,552 against the previous close of 27,274, hit an intraday high of 27,591 and a low of 27,398 during the session. The broader Nifty50 index of the National Stock Exchange NSE closed at 8,497.05 today, up 63.30 points, or +0.68 per cent higher.

  • Snapping a four-day losing streak, the domestic stock market bounced back today with the benchmark Sensex closing over 180 points higher as FBI's clean chit in the mail server probe increased the chances of Democratic candidate Hillary Clinton winning the US presidential polls. Experts believe a win for Hillary Clinton will be a positive for the Indian market.

  • The Nifty50 failed to keep the momentum going after a gap-up start and closed below its opening level of 8,535 today. 8500-level was lost at the closing today. In the process, the index formed a 'Bearish Belt Hold' pattern on the daily candlestick charts. Traders should refrain from creating fresh long positions till the index trades below 8,600-8,627 levels. However, a bounceback cannot be ruled out, as the index is trading near its support levels ahead of the outcome of the US presidential election on Wednesday.

  • Traders should not ignore the fact that the market is vulnerable to an important global event ahead and shall continue to remain choppy and volatile until the outcome is in the public domain. Technically speaking, more strength and probability of an uptrend shall be much higher once the Nifty50 closes and successfully trades above the 8,627 level.

NIFTY 3-Month

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