IntradayTrade dot Net dot IN
Market Report

Monday, 06-Feb-2017


  • The BSE Sensex closed 198.76 points, or +0.70 per cent, higher at 28,439.28 today, while the 50-share Nifty50 reclaimed the psychological 8,800 mark in today's trade. The 50-share index closed 60.10 points, or +0.69 per cent, up at 8,801.05 today.

  • Benchmark indices settled the day at 4-month high as investors bet RBI will cut interest rates in their policy review meet later this week. Nifty50 ended above it's crucial 8,800 level for the first time since September 19, 2016 led by gain in realty, pharma, FMCG, and banking stocks. The positive sentiment lifted Nifty Midcap and Smallcap indices higher by +1.1%and +0.9% respectively, to their record highs.

  • The Nifty50 took out the 8,800 level today after five months of wait and, in the process, broke the rangebound movement to form a 'Short Bull' candle pattern on the daily chart, which suggests the index could add more weight in the coming sessions. The Nifty50 saw a gap-up opening and broke the 8,800 mark in trade for the first time since October 2016, only to give up the gains soon after. The index, though, managed to close above the psychological mark, in the fourth day of consecutive gains. The 8,770-8,720 range would be a strong support zone; whereas the Nifty is expected to continue its northward journey towards 8,860-8,893 and even beyond it.

NIFTY 3-Month

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