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Market Report

Thursday, 02-Mar-2017

NSE

  • The Nifty50 finally closed 46.05 points, or -0.51 per cent, lower at 8,899.75 today while the S&P BSE Sensex ended 144.70 points, or -0.50 per cent, down at 28,839.79 today. Both Nifty and Sensex slipped over -1% from day's high at close. The selling pressure was much fiercer in the broader market.

  • Both Sensex and Nifty50 hit fresh 52-weeks highs but succumbed under selling pressure towards the end of the trade today, as investors remained indecisive amid Fed rate hike worries. The S&P BSE Sensex rose to a 52-week high of 29,145.62 while the Nifty50 recorded a 12-month high of 8,992.50. At the closing, the Nifty50 slipped below 8,900 while the S&P BSE Sensex closed below its crucial psychological level of 29,000.

  • The 9,000 level on Nifty50 might require some trigger, as the index has failed to reclaim Mount 9K for the fifth time in the last 2 years. Bulls have tried to breach the 9,000 level or came close to it 5 times since 2015, when it touched its record high of 9,119 on March 4.

  • On technical front, the Nifty50 index formed a 'Bearish Engulfing' pattern on the daily chart which suggests further downside is likely on the index. The Nifty has to hold above the 8,900 level to continue its upward move towards 9,000 and then towards all-time high 9,119 level. 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)