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Market Report

Thursday, 01-Dec-2016

NSE

  • The 30-share Sensex closed 92.89 points, or -0.35 per cent, down at 26,559.92 today, while the 50-share Nifty index closed 31.60 points, or -0.38 per cent, down at 8,192.90 today. The overall market breadth remained in favour of declines, as 1,116 shares stood on the gaining side on BSE against 1,562 shares on the losing side, while 137 shares remain unchanged.

  • Profit booking in the last hour of trade forced the benchmark equity indices, BSE Sensex and NSE Nifty50, to snap a four-day winning streak today. Among the 50 components of the Nifty index, 19 stocks ended the day in the green today.

  • The Nifty50 closed below its crucial support level of 8,200 today, negating the bullish formation witnessed in last four trading sessions. It formed a bearish candle and a two-candlestick 'Dark Cloud Cover' pattern on the daily candlestick charts. In this pattern, a black candlestick follows a long white candlestick. It is often considered as an indication of a future bearish trend.

  • Any follow-through selling with a breach of the 200-day SMA of 8,165 in the immediate trading session shall signal the end of the short-term uptrend that can result in a decline due to profit booking towards the 8,185 level. To prevent any further damage on the charts, the bulls should push the indices above the 8,250 level. Unless this happens, one should not carry forward long positions, experts said.

NIFTY 3-Month

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