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Market Report

Wednesday, 03-May-2017

NSE

  • The S&P BSE Sensex closed 26.38 points, or -0.09 per cent, lower at 29,894.80 today, slipping below the crucial level of 29,900. The index witnessed only a 174-point swing in intraday trade. NSE's Nifty50 index slipped 1.85 points, or -0.02 per cent, but ended above the 9,300 level at 9,311.95 today, with 25 constituents ending the day in the green.

  • The domestic equity market settled a lacklustre trading session with marginal losses ahead of the outcome of US Fed's rate-setting meeting later in the day. Today the Nifty has traded inside the trading range of last session. It has again failed to cross the 9,350 mark and corrected towards the 9,300 level before finally closing with a marginal loss of two points. The index has been witnessing sustained supply near the 9,350 level but buying interest on declines is supporting it to bounce back and that is why it got stuck in a trading range in last five sessions.

  • The Nifty50 held on to the 9,300 mark today, while closing below its opening level for the fourth session in a row. On the daily chart, the index formed a Bearish Candle and a two-candlestick pattern, called 'Inside Bar', reflecting the ongoing consolidation in the market. This sideways phase of past few sessions is now negatively impacting the technical picture, as two of the momentum oscillators have generated sell signals. However, the Nifty is comfortably holding the higher level, chart shows there is enough buying around 9300 which is tested and protected in last three trading session. Going ahead it is likely to trade in a tight range between 9270-9350, with a positive bias as global and domestic cues remains supportive. Market could only be dragged down by profit booking and that may be a healthy correction, say experts.

NIFTY 3-Month

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