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Market Report

Tuesday, 09-May-2017


  • The Nifty50 continued lacklustre show in today's session, as it traded in an extremely narrow range of just 25 points. After hitting an intraday high and low of 9,338 and 9,307, the index closed 2.80 points, or +0.03 per cent, higher at 9,316.85 today. The S&P BSE Sensex gained only 7.10 points, or +0.02 per cent, to close at 29,933.25 today.

  • Investors continued to play safe in the domestic equity market today, as the market slipped in every attempt to break out. Profit booking on the cement, auto and pharma counters weighed on the benchmark indices. Subdued trend seen in Asian markets, as investors searched for the next catalyst following France's presidential election, also capped gains in the domestic market.

  • Market experts said no significant formation was seen on the candlestick charts and momentum indicator MACD reported a negative crossover today. The Nifty50 index has been trading between 9,270 and 9,380 levels since the past eight sessions and followup buying has been clearly missing on both sides. The index continues to trade above its 13-period EMA, but has multiple hurdles in the 9,350-9,380 zone to commence the next upward move. Now, a decisive range breakout above the 9,380 level can start the next move towards the 9,450-9,500 levels while a drift below the 9,280 level could attract profit booking towards 9,250 and 9,191 levels.

NIFTY 3-Month

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