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Market Report

Thursday, 08-Dec-2016


  • The S&P BSE Sensex, which opened at 26,366 against the previous close of 26,236, hit an intraday high of 26,733 and a low of 26,357 before closing 457.41 points or +1.74 per cent higher at 26,694.28 today. The Nifty50 closed at 8,246.85 today, up 144.80 points, or +1.79 per cent, reclaiming its crucial support level at 8,200. The gains today overcame declines in the previous sessions after RBI unexpectedly kept repo rates unchanged.

  • Tracking positive global cues, the domestic equity market shot up 457 points at the closing bell today. A surge in stocks on Wall Street in overnight trade and a followup rally in Asian stocks earlier today provided the much-needed thrust to domestic equities. This apart, expectations that the European Central Bank, which was scheduled to unveil its monetary policy later on Thursday, would extend the quantitative easing (QE) programme for six months also helped the rally.

  • After registering a bearish candle in the previous sessions, the Nifty50 reclaimed its crucial resistance level of 8,200 today, which most analysts thought was acting as a crucial hurdle for the index. The index has also managed to break past its crucial 200-day SMA placed at the 8,190 level, which is a positive sign and could be due to short covering amid positive global cues. In the process, the index formed a bullish candle or a 'Long White Day' pattern on the daily candlestick charts. Traders should wait for the index to close decisively above its crucial resistance level of 8,250 and 8,300 before creating fresh long positions.

NIFTY 3-Month

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