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Market Report

Wednesday, 08-Mar-2017


  • The 30-share BSE Sensex closed 97.62 points, or -0.34 per cent, down at 28,901.94 today, while the Nifty 50 index closed 22.60 points, or -0.25 per cent, down at 8,924.30 today. Nearly 100 BSE stocks saw a bearish crossover on the MACD, a technical momentum indicator that gives buy or sell signals based on the movement of moving averages.

  • Benchmark indices ended lower for a second consecutive session as markets remained cautious ahead of the exit polls data and results for assembly elections in five states, IIP data and the US Federal Reserve policy meeting next week. The Nifty50 has been consolidating in between 8,860 and 9,000 levels for the past 11 trading sessions and is awaiting a decisive range breakout to commence the next leg of the rally.

  • The 9,000 level has proved a jinx for the Nifty50 lately. The index, which was just 8 points away from the psychological mark on March 2, tested the sub-8,900 level in today's trade before recovering a bit. In the process, the Nifty formed a pattern similar to a 'Hammer' on the daily chart. Technically speaking, stakes are in favour of the bears. But the intraday recovery after taking support on the short-term moving averages clearly suggested that the bulls are not in a mood to give up their bets till the outcome of the event (election) ahead. For the coming session, the 8,957-8,993 levels would be immediate hurdles, whereas on the downside, Tuesday's low of 8,891 would be considered a major support.

NIFTY 3-Month

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