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Market Report

Monday, 30-May-2016


  • The S&P BSE Sensex soared 72.00 points, or +0.27 per cent, to end at 26,725.60 today and Nifty50 surged 21.85 points, or +0.27 per cent, to end at 8,178.50 today, the highest closing level since October, 2015. The broader markets outperformed the benchmark indices- BSE Midcap and Smallcap indices gained +0.4% each.

  • Both indexes had made a positive start with the Nifty touching 8200-mark immediately after the opening. But they turned choppy later in the day and took a breather after the dash of last week. Benchmark share indices ended higher for the fifth straight session after gains in IT majors helped offset losses in select index heavyweights. Above-normal monsoon forecast, better than expected Q4 numbers and strength in rupee helped indices to rally 5% last week.

  • The Nifty50 threw up a 'Spinning Top' kind of a pattern on the daily candlestick charts on Monday after forming a 'Three White Soldiers' pattern, which clearly shows that the Market is likely to consolidate in the near term. Technically, the market still remains in a medium-term uptrend with most cues pointing towards north, but there will be a pause before the market regains strength and starts rallying to a fresh high. The market is likely to consolidate at current levels and the momentum will start picking up once Nifty50 breaks above 8,250, experts said.

  • Investors seemed keen to book profits on Dalal Street. But, experts were quite positive on the long-run momentum for the market. Market has been pretty steady indicating no selling and probably absorbing whatever minor selling by profit-taking. That is good. It indicates that we should probably head higher and make an attempt to reach the targets at 8,275 for the Nifty50, said Dr CK Narayan.

NIFTY 3-Month

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