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Market Report

Wednesday, 13-July-2016


  • The Sensex swung between gains and losses before closing with marginal gains at 27,815.18 today, up 7.04 points or +0.03 per cent, while the broader 50-share Nifty50 settled at 8,519.50 today, down -0.02 per cent or 1.55 points. The market ended so flat that one index closed in the red while the other closed in the green.

  • The S&P BSE Sensex opened 100 points higher, but quickly pared the gains to hit an intra-day low of 27,760. The NSE's Nifty50 slipped into the negative zone and traded in the red for most part of the day. After a spectacular rally over Monday and Tuesday, the domestic equity market hit the pause button today and put up a lacklustre show as some investors took profits off the table.

  • In a listless session, the Nifty50 today formed a 'Hanging Man' pattern on the daily candlestick charts for the second day in a row. A 'Hanging Man' is a reversal pattern and is usually formed at the end of an uptrend. The pattern suggests there could be some consolidation in the coming sessions and traders should book profit and initiate fresh longs only if the Nifty50 manages to close above the 8,570 level, said charting experts.

  • Analysts, however, sounded positive. Sufficiently wide market breadth seems to suggest that the bulls are still firmly in control, said Dr CK Narayan. I think the 8,540-8,545 levels would be the immediate price targets. Once the index gets past these levels, the index futures would probably make their way towards the next price target at 8,585 and 8,590 levels. These are the two levels I would work with, said Dr Narayan.

NIFTY 3-Month

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