Market Snapshot for 7th Mar. 2017

Market Snapshot for 7^th Mar. 2017

After making two year’s closing high, market took a cautious stance over geo-political tensions deriving from North Korea after North Korea fired four ballistic missiles into the sea off Japan’s Northwest. US markets corrected on Monday as investors there worried about the turmoil over the Trump administration as investors have predicted the US market rally on this new administration getting things done. The S&P 500 is trading at nearly 18 times forward earnings estimates against the long term average of about 15 times, according to Thomson Reuters’ data. Expectations on interest rate hike by US Federal Reserve meeting held next week also made investors watchful today.

Nifty  16.55 🔽 8946.90

Sensex  48.63 🔽 28999.56

CNX MidCap  5.25 🔼 16469.75

Nifty51

Top Gainer : ADANIPORTS  309 🔼 1.93%

Top Loser : HINDALCO 193.05 🔽 3.26%

Turnover Topper by Traded Value : RELIANCE

Turnover Topper by Traded Quantity : JPASSOCIAT

Advance / Decline : 672 / 964

New 52 Wk High : BHEL, RELIANCE

FIIs/FPI vs DIIs Figures : +920.46 Cr vs -1073.75 Cr

Nifty Outlook :

Nifty hovering on the edge of a breakout. But history tells us that the underline halts or corrects before leaping for the new Northwards journey after making double tops. On the chart, Nifty has made double top after a two-years’ duration. Market eyes on the assembly election results of five states, mainly UP. Technically Nifty has a room to correct upto 8300 level if calculations go adverse what market is expecting. On the contra, Nifty will make a new life high in coming weeks.

Immediate support 8780 / 8710

Immediate resistance 9040 / 9200

© wearesharp.in