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Market Report

Wednesday, 05-Apr-2017

NSE

  • The 30-share BSE Sensex closed 64.02 points, or +0.21 per cent, up at 29,974.24 ahead of RBI's Monetary Policy Committee decision tomorrow, while the 50-share NSE Nifty index settled 27.30 points, or +0.30 per cent, up at 9,265.15 today. This is a life-time closing high. The Nifty also made a fresh all-time intraday high of 9273.90 before retreating a bit today.

  • The BSE Sensex breached the 30,000-mark intraday for the first time since March 4, 2015, and the NSE Nifty closed at its fresh all-time high today on account of sustained buying by retail investors amid continued foreign fund inflows and positive Asian cues. The UP government's decision to waive off farmers' loan of up to Rs 1,00,000 also contributed towards growth.

  • Nifty50 today recorded a green real body for the sixth session in a row. With a close almost equal to the opening level, the index formed something very similar to 'Dragonfly Doji' candlestick pattern. This formation suggests that the forces of demand and supply are balancing with each other and trend is nearing a potential turning point. Also, one of our momentum oscillators has already generated a sell signal apart from RSI levels, which continued to display negative divergence despite new highs.

  • Experts noted that the index has been making higher highs and higher lows for last six sessions and supports are gradually shifting higher. However, weakening momentum oscillators are equally demanding caution. Now it has to hold above 9,250 to extend its upmove towards 9,350 and 9,380 levels, while on the downside multiple supports are seen at 9,218 and 9,191 levels.

NIFTY 3-Month

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