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Market Report

Wednesday, 11-Oct-2017

NSE

  • The domestic stock market snapped three-day gains to end today's session lower as investors booked profits mainly in banking stocks ahead of the start of September quarter earnings season. Markets opened the session on a positive note on the back of global cues, with Sensex crossing the 32,000 mark and Nifty firmly above 10,000, only to fall post 1 pm. The Sensex ended 90.42 points or -0.28 per cent lower at 31,833.99 and Nifty50 settled at 9,984.80, down 32.15 points or -0.32 per cent. India VIX jumped 4.3 per cent with advance-decline ratio at 1:3.

  • The benchmark indices pared entire gains to end lower with the Nifty slipping below its crucial 10,000 mark as focus now shifted to the September-quarter earnings season, which is expected to be subdued due to the impact of the goods and services tax. Market heavyweights Tata Consultancy Services and Reliance Industries are slated to post results tomorrow and on Thursday, respectively. Investors also await the retail inflation data due tomorow, which is likely edged up in September. Overseas, Spanish stocks and bonds rallied and the euro hit a two-week high today as European markets took relief from Catalonia stopping short of declaring immediate independence from Madrid.

  • After making indecisive 'Doji' patterns for two sessions in a row, the Nifty50 today formed a Bearish Engulfing pattern on the daily chart. The Nifty index failed to continue its formation of higher lows and corrected by around 100 points from its intraday high levels towards 9,950. If the index continues to trade below the 9,940 level, which is the 50-DMA, it can fall further towards 9,880 while on the upside hurdles are seen at 10,050 and 10,080 levels. The formation of Bearish Engulfing pattern suggested that the index could see further correction.

NIFTY 3-Month

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