IntradayTrade dot Net dot IN
Market Report

Tuesday, 07-Mar-2017

NSE

  • The BSE Sensex and NSE Nifty settled in red today on selling in selected metal, IT and pharma stocks. The 30-share BSE Sensex closed 48.63 points, or -0.17 per cent, down at 28,999.56 today, while the Nifty 50 index settled 16.55 points, or -0.18 per cent, lower at 8946.90 today. The Nifty has been hovering below its key psychological level of 9,000 this month but has been unable to break above it.

  • The benchmark indices today settled the day lower after hitting their two-year highs as recent outperformers such as banks were hit by profit-taking with analysts warning markets could head for a phase of consolidation this week.

  • After making a solid bullish candle resembling Marubuzo in the previous session, the Nifty50 struggled to keep afloat today, and closed around the day's low to form a 'Bearish Belt Hold' pattern on the daily chart. Lack of follow through buying to Monday's pick up is suggesting that bulls lack ammunition to crack the formidable resistance point of 9,000 levels. If Nifty50 sustains below 8,920 it may correct towards next support of 8,860 and 8,820 while holding above 9,000 would start the fresh up move towards 9,119, say experts.

NIFTY 3-Month

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