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Market Report

Friday, 02-Dec-2016

NSE

  • The 30-pack Sensex ended the day 329.26 points, or -1.24 per cent, down at 26,230.66 today, while the 50-share Nifty index settled 106.10 points, or -1.30 per cent, down at 8,086.80 today. For the week, the Nifty50 lost 27 points while the Sensex shed 85 points.

  • The domestic equity indices plunged today, with the Nifty50 and BSE Sensex indices breaching crucial psychological levels of 8,100 and 26,500, respectively, amid brisk selling on the frontline blue chip counters. Some analysts said investors turned cautious ahead of the release of the US monthly jobs data, a referendum in Italy over its constitution, and the Reserve Bank of India's policy review next week.

  • The benchmark indices on Friday settled the day lower as auto makers dropped on sharp decline in monthly sales and stocks of telecom service providers -- Bharti Airtel, Idea Cellular, Reliance Communications (RCom) -- were hit by worries about intensifying competition with the extension of freebies offered by Reliance Jio (RJio) till March 2017.

  • After starting on a muted note, the Nifty50 came under intense selling pressure, which took the index below its crucial support level of 8,100 today. The index formed a bearish candle, which closely resembled the 'Bearish Belt Hold' pattern. This signalled that the bears kept the selling pressure throughout the session. The index broke below the crucial support level placed at 8,169, which is also its 200-day SMA. Traders are advised not to create any long positions on declines and remain cautious ahead of the Reserve Bank of India's money policy review on December 7. The immediate support for the index stands at 8,055 and a break below this mark could attract further selling.

NIFTY 3-Month

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