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Market Report

Friday, 05-May-2017

NSE

  • Weak global cues coupled with profit booking at higher levels dampened market sentiment today. As a result, the benchmark BSE Sensex closed 267.41 points, or -0.89 per cent, down at 29,858.80 today, while the Nifty index of NSE settled 74.60 points, or +0.80 per cent, down at 9,285.30 today. At the opening the Nifty has created a new life-time intraday high at 9377.10 today.

  • A selloff in banking shares after the President Pranab Mukherjee Okayed the ordinance on non-performing assets, concerns over French elections on Sunday and mixed global earnings have hit the sentiment hard that causec the Sensex to fall over 350 points from the day's high.

  • A long real body red in colour on the daily chart today eclipsed small candles Nifty50 made in the recent days, triggering the formation of a 'Bearish Engulfing' pattern that signaled the market could soon slip into bears' hands. As noted by some analysts on Thursday, an upside towards 9,400 was vulnerable and it proved right today when the index tumbled at the opening bell. The index just could not recover at all. A key level to watch will be 9,269. If the Nifty settles below 9,269, then it can go down all the way towards 9,100, eventually opening the doors for short term trend reversal, say experts.

NIFTY 3-Month

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