IntradayTrade dot Net dot IN
Market Report

Wednesday, 08-Nov-2017

NSE

  • Domestic equity indices ended on a negative note for the second day as profit booking continued today with BSE Sensex cracking 151.95 points or- 0.46 per cent to close lower at 33,218.81 and Nifty50 closing the session at 10,303.15 today, down 47.00 points or -0.45 per cent, with 23 stocks ending in the green and 27 in the red. Lack of fresh triggers and profit taking by investors were the major factors that dragged the market lower.

  • The benchmark indices extended losses in last leg of trade to settle lower today as Reliance Industries fell on oil price worries, while Bharti Airtel slumped after a key investor sought to exit. Crude oil prices slipped gain today, but hovered near two-and-a-half year highs hit earlier this week, potentially stalling a record-setting rally in domestic market on concerns that RBI would hold off on cutting interest rates. According to reports, Qatar-based Three Pillars PTE offloaded its entire holding in Bharti Airtel through multiple block deals in early trade.

  • We saw another crack in the Nifty50 today. The early morning level became the day's high and the index settled around the day's low. It formed a bearish crossover, as the MACD line fell below the signal line, sending out a sell signals. The only respite for traders was the Nifty50's closing above the Support at the 10,300 mark. Now, as long as the Nifty50 remains below the 10,380 level, a short-term selloff towards 10,250 is likely. This is the previous lifetime high mark before the current upsurge. On the higher side, the index may face resistance at 10,380 and 10,420 levels.

NIFTY 3-Month

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