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Market Report

Wednesday, 01-Mar-2017

NSE

  • The 30-share BSE Sensex closed +0.84 per cent, or 241.17 points higher at 28,984.49 today, while the 50-share NSE Nifty index rose by 66.20 points, or +0.75 per cent, to 8,945.80 today. Propped up by fresh buying amid positive and much better-than-expected GDP data for December quarter and firm Asian cues, equity benchmarks BSE Sensex and NSE Nifty settled at their highest levels in six months. Positive manufacturing data released today also contributed to gains.

  • Some experts are sceptical about the strength today's rally. The Nifty50 reclaimed the 8,900 level at the opening bell. It hit the day's high of 8,960 before seeing some selling pressure. Full weight of technical evidence is still favouring the bears. In case the bulls manage to conquer the 8,68 level on a closing basis by the end of this week, only then will the technical picture tilt in favour of the bulls by ushering in a short-term rally, say experts.

  • The Nifty50 closed above its five-day exponential moving average today and formed a Bullish Pattern on the daily chart. The rise indicated that it should take no time before the index tests the 9,000 level in the coming days, provided it manages to breach the strong resistance in the 8,950-8,970 range on a closing basis. On the downside, multiple supports are seen at 8,888 and then 8,820 levels.

NIFTY 3-Month

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