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Market Report

Tuesday, 19-July-2016


  • After a 188-point swing, the BSE benchmark Sensex closed the day 40.96 points, or +0.15 per cent higher at 27,787.62 today. The 50-share NSE Nifty50 ended at 8528.55 today, up 19.85 points, or +0.23 per cent.

  • Disappointing earnings and fatigue in global markets kept the market range-bound in early trade. Benchmark share indices staged a recovery in late trades to snap it's two-day losing streak aided by rebound in IT majors and select index heavyweights. Further, the government's plan to infuse capital in select state-owned banks also aided sentiment.

  • In a volatile session, the bulls managed to push the Nifty50 above its crucial level of 8,500 today, which formed a Hammer-like pattern on the daily candlestick charts. This indicates that the bulls came to the rescue at lower levels and managed to push the index higher, but the absence of followup buying kept the market under pressure. This should augur well for the next trading session.

  • The Nifty is in consolidation phase. It will be too early to conclude that the market has bottomed out. Hence, it will be prudent to wait for a breakout above the 8,600 level to create fresh long positions, said Mazhar Mohammad, Chart Strategist.

NIFTY 3-Month

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