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Market Report

Thursday, 10-Nov-2016

NSE

  • The S&P BSE Sensex settled the day at 27,517.68 today, up 265.15 points, or +0.97 per cent, while the broader Nifty closed at 8,525.75 today, up 93.75 points, or up +1.11 per cent. In intraday deals, the 30-share index rose as much as 490 points, while 50-share index almost touched 8600 and reached 8,598.

  • Snapping previous session's losses, the market rebounded in trade today in a remarkable snapback from the shock of Republican Donald Trump's presidential victory in US. The expected long-term positive impact of demonetisation of Rs 500 and Rs 1000 currency notes also boosted investor sentiment. Firm Asian cues following an overnight rally on Wall Street coupled with fresh buying at lower levels lifted the domestic equity market.

  • Nifty PSU Bank index surged as much as 9.5 per cent and hit a fresh 52-week high of 3,437.25 against the previous close of 3,137.90 as stocks of public sector lenders surged today on hope that the government's decision to demonetise currency notes of Rs 500 and Rs 1,000 denominations as part a move to stem black money could lead to rate cuts and boost deposits ratios of domestic lenders.

  • After a strong recovery on Wednesday, the Nifty50 staged a smart rally on Thursday but failed to continue the momentum and closed slightly below its opening level of 8,555. In the process, the index formed a 'Shooting Star' kind of pattern on the daily candlestick charts. This pattern is usually formed in an uptrend and is treated as a reversal pattern. Investors should remain cautious even when the trend remains strong. It is critical for the Nifty50 to sustain above the 8,470 level. But for the uptrend to continue, the index should ideally close above the gap area between 8,614 and 8,549 levels, registered earlier in November, experts said.

NIFTY 3-Month

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