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Market Report

Wednesday, 09-Aug-2017


  • Equity benchmark Sensex breached the 32,000 level today on selling pressure by investors amid subdued global cues. The 30-share index slipped for the third straight session and closed 216.35 points lower, or -0.68 per cent down at 31,797.84 today. The Nifty index of NSE settled 70.50 points, or -0.71 per cent down at 9,908.05 today. Over 80 stocks on NSE hit their fresh 52-week low in today's trade.

  • The market extended losses for the third straight session today, dragged down by banking and pharma stocks, while negative trend in global markets after tensions escalated on the Korean peninsula, also contributed to the losses. Asian and European markets along with US stock futures slipped after Pyongyang said it is considering plans to attack Guam, just hours after US President Donald Trump told North Korea that any threat to the United States would be met with "fire and fury".

  • Today the Nifty50 tumbled as soon as the opening bell rang to close a tad above the 9,900 level. At no point during the session did the index enter the positive terrain. The index started forming lower tops and lower bottoms, while it may have also formed a 'Head & Shoulder' pattern on the daily charts. This signals more correction ahead, probably towards the 9,800 mark in the near term. Any follow-through selloff on Thursday could eventually drag the index towards its 50-day moving average placed around the 9,768 level. The 61.80 per cent retracement level of the recent upmove is placed at 9,710 and this will act as a strong support. On the upside, first Resistance has come down to the 9,980 level.

NIFTY 3-Month

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