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Market Report

Tuesday, 06-Dec-2016

NSE

  • Equity benchmark Sensex of the BSE closed 43.66 points, or +0.17 per cent, higher at 26,392.76 today. The index opened at 26,403 against the previous close of 26,349 and hit an intraday high of 26,502 and low of 26,356 during the session. On similar lines, the broader Nifty50 index of NSE closed 14.40 points, or +0.18 per cent, higher at 8,143.15 today. The Nifty50 failed to hold above 8,150.

  • Extending gains for the second straight session, the benchmark indices settled the day higher as gains in Asian markets and expectations of an interest rate cut by RBI in its policy review tomorrow aided sentiment. A 25 bps rate cut is largely factored in by the market while any surprise move by RBI to spur growth with a 50 bps rate cut will provide further push to the market.

  • The Nifty50 traded in a narrow range to settle marginally higher today, forming a 'Spinning Top' pattern on the daily charts, which reflected the indecisiveness among traders ahead of the outcome of RBI's money policy review. The 50-pack index is still trading below its 200-day moving average, which at Monday's close was intersecting with the 20-day moving average at 8,179.

  • The index has to cross and hold above the 8,180 level to witness an upward move towards 8,250 and 8,335 levels. Holding below the 8,120 level might drag the 50-pack index towards 8,055. Traders are advised to keep their positions light as the outcome of the RBI policy review would decide the next leg of rally in the market, said Chandan Taparia of Anand Rathi Financial Services.

NIFTY 3-Month

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