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Market Report

Monday, 10-Apr-2017

NSE

  • The 30-share BSE Sensex closed 130.87 points, or -0.44 per cent, down at 29,575.74 today, while the 50-share NSE Nifty index settled at 9181.45 today, down -0.18 per cent, or 16.85 points from the previous close.

  • The benchmark equity indices slipped for the third straight session today, as market participants awaited March quarter earnings to take fresh positions. Subdued Asian cues on rising geopolitical tension between the US and Syria, and the lack of any major domestic trigger, also affected market sentiment. Both Sensex and Nifty have gained in double-digits so far this year with NSE Nifty touching a record high of 9,273.90 last week, on the back of strong foreign investments and hopes for additional economic reforms.

  • The Nifty50 gave up the 9,200 level to end below its 5-day EMA after falling for a third straight session today. The index formed a 'Bearish Belt Hold' pattern on the daily chart for the second session in a row. The pattern suggests that bears were flexing their muscles. Many oscillating indicators have turned negative, with MACD giving out bearish trend as it has crossed below its signal line. However, the index has done well to stay above its 13-day EMA placed at around 9,165. If the index sustains below 9,191 now, selling pressure may drag the index towards the next support of 9,133 and 9,090. On the upside, the immediate hurdles are seen at 9,250 and 9,280.

NIFTY 3-Month

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