IntradayTrade dot Net dot IN
Market Report

Tuesday, 01-Aug-2017


  • The BSE Sensex ended the day at 32,575.17 today, up 60.23 points or +0.19 per cent while the Nifty closed at 10,114.65 today, up 37.55 points or +0.37 per cent, with 35 components ending in the green and 16 in the red. Nifty Bank gained +0.08 percent to end at 25,122.80 today. The domestic equity market seems to be an unstoppable force as Nifty50, Sensex and Nifty Bank indices claimed fresh record highs today for a second consecutive session.

  • The Nifty closed above 10,100 for the first time ever on strong auto sales numbers and hopes that RBI will cut interest rates tomorrow. World stocks, on their longest streak of monthly gains in more than a decade, rose again today amid further signs that the global economy is doing fine. The beaten-down US dollar edged up slightly from 14-month lows. Our market however remained rangebound throughout the day ahead of RBI policy meet, which is expected to cut rates by at least 25 basis points tomorrow.

  • The Nifty50 settled at a fresh record high today, led by a late spike in an otherwise rangebound session. The index made a 'Hanging Man' kind of pattern on the daily chart, but analysts see no stopping of the ongoing rally. Technically speaking, they believe if RBI cuts the policy rate by 25 basis points on Wednesday, given an eight-month-low PMI reading, the trigger could push the index higher towards its next resistance at the 10,200 level as the momentum is completely in favour of the bulls. Now, the index has to continue to hold above 10,050 to witness a fresh upward move towards 10,200 and 10,250 while supports shift higher to 10,020 and 9,950 levels.

NIFTY 3-Month

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