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Market Report

Monday, 05-Dec-2016

NSE

  • The S&P BSE Sensex, which opened at 26,253 against the previous close of 26,230, hit an intraday high of 26,390 and low of 26,125, before ending the day at 26,349.10, up 118.44 points, or +0.45 per cent, with ITC, Maruti and M&M contributing the most in the rally. The broader Nifty50 index of NSE closed at 8,128.75 today, up 41.95 points, or +0.52 per cent, from Friday's close.

  • The domestic equity market ended in the green on Monday, with the headline Sensex index rising as much as 118 points. The market regained some strength amid optimism ahead of RBI's rate review amid the current imbalance in the economy due to demonetisation. On the global front, European markets opened on a positive note after digesting a 'No' vote in the constitutional referendum in Italy.

  • The Nifty50 saw a pullback in late trading today, and in the process the index formed a Bullish Hammer and a Piercing Line pattern in the daily charts, indicating that the bulls bought shares at lower levels and were determined to have a firm grip on the market. A Hammer candle signals surrender by the bears to form a bottom, and when accompanied by a price rise, it indicates buying at lower levels. Experts said the index would find it difficult to breach the 8,200 level in the near future, but if it falls below the 8,055 level, it could trigger further downside.

NIFTY 3-Month

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