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Market Report

Wednesday, 17-Feb-2016

NSE

  • The BSE S&P Sensex ended at 23381.87, up +0.82 per cent or 189.90 points, while the NSE's Nifty50 gained 60.20 points, or +0.85 per cent, to settle at 7,108.45 today. For a major part of the day both indexes remained flat, but rallied in the last one hour of trade as European markets opened in the green and crude prices rose.

  • The domestic market pared morning losses to end the session on a positive note on Wednesday, tracking mixed cues from global markets. There was speculation over the Opec-Iran meeting amid indications that Tehran may not join a deal reached among top oil producers Saudi Arabia, Russia, Venezuela and Qatar to freeze crude output at January 11 levels. The Opec countries and Iran were to meet later in the day.

  • The late afternoon surge took the Nifty50 above its crucial resistance level of 7,100. If the index stays above this level for some more time, more upside is possible. But analysts expect the market to consolidate at current level.

  • Nifty50 getting past 7,100 does add some kind of strength on the upside, said Mitesh Thacker. My sense is that we might look at targets of around 7,200, and maybe a retest 7,250 in the coming sessions. I think what the market is doing possibly is that after coming out from extremely oversold levels, they are trying to find feet and doing some base building, he added.

NIFTY 3-Month

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