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Market Report

Thursday, 05-Oct-2017

NSE

  • Although the benchmark indices opened on a promising note today, they lost the momentum later in the day in the absence of positive triggers. The BSE Sensex shed 79.68 points or -0.25 per cent to close the session at 31,592.03 while the Nifty50 index slipped below the 9,900 level to settle at 9,888.70, down 26.20 points or -0.26 per cent, with 21 constituents ending in the green and 29 in the red.

  • The benchmark indices ended lower today after four straight sessions of gains, as investors booked profits in oil refiners amid a lack of fresh triggers after the RBI kept interest rates unchanged in a move that was widely expected. The central bank held its policy rate steady near seven-year lows on Wednesday after inflation surged, but looked to prop up the cooling economy by spurring banks into lending more.

  • The Nifty50 today could not defend the 9,900 level on a closing basis and made a small bearish pattern on the daily chart. However, the index continued to make higher highs and higher lows, suggesting that the support shifted higher. Analysts said the index was finding it difficult to get past the resistance levels placed around the 50-day simple moving average around 9,940. Now if it holds below 9,880, then it may again start the decline towards 9,820 and then 9,777 levels. On the upside, the index has a hurdle near 9,950 and then 9,980 levels.

NIFTY 3-Month

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