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Market Report

Tuesday, 31-Oct-2017

NSE

  • Benchmark indices entered a consolidation mode on Tuesday after scaling record high levels in the previous session. Market ended the day in red with BSE Sensex closing at 33,213.13, down 53.03 points or -0.16 per cent, and Nifty50 ending the day at 10,335.30, down 28.35 points or -0.27 per cent. However, the broader market outperformed as the BSE Midcap index gained 22 points or +0.14 per cent.

  • Benchmark indices ended marginallly lower today, retreating from record highs hit in the previous session, as recent outperformers such as State Bank of India fell, while Infosys Ltd dropped after going ex-dividend. Both indexes have been scaling new peaks after the Indian government said last week it would inject $32.4 billion to recapitalise banks and spend $82.2 billion to build roads. Today's actions mirrored the sluggishness in Asian stocks following overnight weakness on Wall Street.

  • The Nifty50 index opened flat and formed a small bearish candle on the daily chart today. The Nifty50 today ended the higher-high-higher-low formation that it had been making for last six consecutive sessions and closed the day with a slight loss. The index struggled throughout the session, but could not enter the positive territory by close. At the close, it was almost standing at its five-day EMA. Now, it has to hold the support at 10,300 to attract buying interest for an upside move towards 10,400 and then 10,450, while on the downside, further support is seen at 10,250 and then 10,178 levels.

NIFTY 3-Month

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