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Market Report

Monday, 06-Mar-2017

NSE

  • The Nifty50 closed +0.74 per cent, or 65.90 points, higher at Rs 8,963.45 today to hit a fresh two-year closing high. It hit a low of 8,914 and a high of 8,967.80. Now, it is just 29 points away from a fresh 52-week high, which is placed at 8,992.50. The S&P BSE Sensex ended 215 points, or +0.75 per cent, higher at 29,048.19 today. It hit a low of 28856.12 and a high of 29070.20. The index is just 100 points away from its 52-week high of 29,145.62.

  • Indian market continued its positive run on Monday support by positive cues from the GST Council meeting held on Saturday, hopes of a clean sweep by the BJP government in the state election results and stable global cues. Indian market rallied despite a strong hint of a possible March rate hike by the US Federal Reserve as indicated by the US Federal Reserve Chair Janet Yellen in a speech on Friday.

  • The Nifty index opened with a gap up and continued its positive move towards the 8,967 level in today's session. It formed a Bullish Candle, similar to a 'Bullish Belt Hold' pattern on the daily chart. It has to continue to hold above the 8,920 level to witness an upward move towards 9,000 and then 9,119 levels, while on the downside, supports are seen at 8,920 and 8,860 levels. The index has managed to find support at the lower band of the range and now a breakout from the recent consolidation may start the next leg of the rally, say experts.

NIFTY 3-Month

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