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Market Report

Tuesday, 07-Feb-2017


  • Profit booking ahead of the outcome of RBI's money policy review on Wednesday dragged the benchmark equity indices today. The 30-share Sensex closed 104.12 points, or -0.37 per cent, down at 28,335.16 today, while the 50-share Nifty50 settled 32.75 points, or -0.37 per cent, down at 8,768.30 today. Feeble global cues and a weak rupee weighed on market sentiment.

  • The Nifty50 snapped a four-day winning streak today to form a 'short bearish' candlestick pattern on the daily chart, signalling confusion among traders as they geared up for the outcome of the RBI two-day policy review on Wednesday. The 14-day relative strength index still hovered in the overbought territory, but the downside looked capped. The index is expected to see support around its today's low of 8,741, while the immediate resistance is seen at the 8,820 level.

  • The bulls are exhausted after a 1,000-point rally from the December lows. A short-term correction cannot be ruled out, but it will broadly be event-based, say experts. To confirm any trend reversal, the index needs to break below the 8,700 level on a closing basis. However, some experts believe since the Nifty50 has respected the 8,741 level, it might see a decent uptrend over the next couple of days.

NIFTY 3-Month

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