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Market Report

Thursday, 09-Mar-2017

NSE

  • The BSE Sensex closed 27.19 points, or +0.19 per cent, up at 28,929.13 today, while the Nifty 50 index settled 2.70 points, or +0.03 per cent, up at 8,927.00 today. Benchmark indices pared their initial losses in the last leg of trade and eventually settled marginally higher after trading in a range all through the day, ahead of the exit poll results of state elections due later in the day.

  • The Nifty50 inched up today in a rangebound session to form a pattern similar to a 'Spinning Top' on the daily chart, suggesting indecisiveness among market participants ahead of exit polls on the assembly election. Now, if it sustains below 8,900, it may correct towards the next support at 8,860 and 8,750 levels. But if it holds above 9,000, it would start a fresh upwards move towards 9,119 and then 9,250 levels, say experts.

  • Overall market sentiments remained cautious today ahead of the results of state elections. With exit polls projecting strong gains for the BJP in the state elections in Uttar Pradesh, Uttarakhand, Goa and the northeastern state of Manipur, Dalal Street was euphoric today evening, with some analysts saying the benchmark indices might see a rally to new highs in Friday's trade. Final results will be announced on Saturday.

NIFTY 3-Month

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