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Market Report

Friday, 06-Oct-2017

NSE

  • Amid firm global cues, benchmark indices recovered from Thursday's losses to end the session higher today, ahead of the GST Council meet scheduled for later in the day. The BSE Sensex added 222.19 points or +0.70 per cent to close the session at 31,814.22 today, while the Nifty50 ended firmly at 9,979.70 today, up 91.00 points or +0.92 per cent with 41 out of 50 constituents ending in the green.

  • The benchmark indices ended higher today with the Nifty50 settling above its crucial 9,950 mark, buoyed by a jump in Tata Steel on strong quarterly production numbers, while investors stayed cautious as the GST Council meeting went underway. The Council is likely to give a major relief to exporters as well as SMEs. These segments have been affected the most by the new indirect tax regime, which has depressed the economic growth numbers in the first quarter of the current financial year because of destocking on account of uncertainties before the GST was introduced on July 1.

  • The Nifty50 formed a strong bull candle today, going past multiple moving averages and headed towards the 9,989 mark. During the session, the index breached its 12-day, 20-day and 50-day exponential moving averages (EMAs) and formed higher highs and higher lows for the fifth straight session. The 9,920 level, which posed major resistance to the index earlier, would now act as immediate support. Now, if the index negates the formation of higher highs and higher lows, only then would it see some weakness. But if it holds above 9,920, it could extend the move towards 10,050 and 10,080 levels. Next supports has shifted higher to 9,880 level.

NIFTY 3-Month

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