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Market Report

Monday, 04-Sept-2017

NSE

  • Snapping its three-day winning streak, BSE Sensex cracked and lost as many as 189.98 points or -0.60 per cent to close at 31,702.25 today. The 50-share Nifty closed the session at 9,912.85, down 61.55 points or -0.62 per cent, but managed to close above the crucial 9,900 level. Out of the 51 constituents, 40 ended the session in the red and the rest in the green.

  • Just when the domestic market seemed to be getting back on the recovery path with market analysts projecting the Nifty50 to reclaim the crucial psychological level at 10,000, North Korea once again played spoilsport dragging markets across the globe into the negative zone. North Korea on Sunday conducted its sixth and most powerful nuclear test, which it said was of an advanced hydrogen bomb for a long-range missile, marking a dramatic escalation of the regime's standoff with the US and its allies. In addition, fresh reports today said South Korea detected signs that Pyongyang may be preparing to launch another missile, which could be an ICBM or intercontinental ballistic missile. These reports further spooked the market sentiment.

  • The Nifty50 index opened in the negative today and fell sharply towards the 9,861 level, with the index forming a Bearish Engulfing pattern, as it covered all the gains made in last three sessions. This pattern hints at the end of a pullback attempt, analysts said. However, the pattern should not be studied in isolation. It needs to be seen after studying the preceding as well as the followup structure. Now, the Nifty has to cross and hold above the 9,928 level to witness an upward move towards 9,980 and then the 10,020 level, while on the downside, supports are seen at 9,850 and then the 9,820 level.

NIFTY 3-Month

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