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Market Report

Friday, 03-Mar-2017


  • The 30-share BSE Sensex closed 7.34 points, or -0.03 per cent, down at 28,832.45 today, while NSE's Nifty50 index settled 2.20 points, or -0.02 per cent, down at 8,897.55 today. The market today extended its fall for the second straight session as investors booked profits after a sharp rally that lifted the benchmark indices to near two-year highs in the previous session.

  • The benchmark equity indices ended a dull session with marginal losses today following weakness in Asian markets, which slipped on expectations of a US interest rate hike in March. The market was also cautious on the news of the GST Council fixing peak goods and services tax (GST) rate at 40 per cent in the legislation instead of 28 per cent as it offers enough space to change its structure in future without Parliament's approval.

  • The Nifty50 index opened on a negative note today, but managed to hold above the 8,860 mark and bounced back towards the 8,900 level at the end. It formed a 'Bullish Hammer' on the daily candlestick chart and hovered near to its major trend line. The forming of this kind of pattern after a bearish engulfing pattern made on Thursday is a positive sign, which shows that bulls are not going to give up that easily. Now, it has to sustain above the 8,920 mark to witness any upward move towards 8,982-9,000 levels while on the downside, multiple supports are seen at 8,850 and 8,820 levels.

NIFTY 3-Month

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