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Market Report

Monday, 23-May-2016

NSE

  • The Sensex swung some 311 points between gains and losses before ending the day at 25,230.36 today, down 71.54 points or -0.28 per cent. The NSE's Nifty50 settled at 7,731.05 today, down 18.65 points or -0.24 per cent.

  • The S&P BSE Sensex opened 200 points higher while the Nifty50 reclaimed its crucial psychological level of 7,800 at the opening today. Despite making a higher opening, markets closed lower amid volatile trades on account of profit booking among index heavyweights at higher levels. Today's fall was somewhat a repeat of Friday's session, in which the benchmark indices had taken a tumble in late trade.

  • The Nifty today closed just above its crucial 50-day EMA, placed at around 7730, which is also its make-or-break level. The index took support near its important short-term moving average for the fourth time since March. If it breaks below this level convincingly, there is a possibility of further downside in the coming sessions.

  • Experts said the market lacked direction. The Nifty just refuses to listen to reasons, if we may say so. Any trend is not really sustaining, whether it is to the upside or to the downside. As a result, it is better not to really trade on Nifty at this time, said Dr CK Narayan.

  • The way the market swings from either side has been extremely difficult to pinpoint. Broadly, it is still following the script in the sense that it is managing to be rangebound, said Mitesh Thacker.

NIFTY 3-Month

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