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Market Report

Wednesday, 30-Nov-2016

NSE

  • The Nifty50 index closed 82.35 points, or +1.01 per cent, higher at 8,224.50 today, while the BSE Sensex closed 258.80 points, or +0.98 per cent, up at 26,652.81 today. Continuing with its winning streak for the fourth session in a row, the 50-share index surpassed the crucial 8,200 mark today amid brisk buying in frontline bluechip counters.

  • The Nifty50 logged gains for the fourth consecutive session in a row today, as the index rose above its crucial resistance level at the 200-day SMA and then 8,200. In the process, the index formed a strong bullish candle or 'Long White Day' kind of pattern on the daily candlestick charts. This is a strong bullish candle on the daily charts and crossing of the 200-day SMA is a positive sign for the bulls. The index is on track to hit its next crucial level of 8,300 as long as it stays above its 200-days SMA placed around 8,150 levels, experts said.

  • After market hours today: India's Q2 GDP growth has come in at 7.3% against a Street forecast of forecasts of 7.5%. Although India has posted the world's fastest growth rate for a large economy in the September quarter, this release does not reflect the impact to the economy from demonetisation. Today's release is unlikely to have much of an impact. Now attention will shift to a purchasing managers' index due Thursday that will offer a first assessment of the impact of demonetisation on manufacturing. Services PMI is due December 5 and the central bank will review interest rates December 7.

  • After market hours today: Opec has agreed its first limit on oil output since 2008, with Saudi Arabia accepting 'a big hit' on its production and agreeing to arch-rival Iran freezing output at pre-sanctions levels. In an immediate reaction, Brent crude futures jumped +8 per cent to more than $50 a barrel after Riyadh signalled it had finally reached a compromise with Iran after insisting in recent weeks that Tehran fully participate in any cut. Opec said it would exempt Iran, Libya and Nigeria from cuts as their output has been crimped by unrest and sanctions. Russia was ready to reduce production, they said.

NIFTY 3-Month

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