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Market Report

Tuesday, 26-July-2016

NSE

  • The Sensex settled at 27,976.52 today, down 118.82 points or -0.42 per cent, while the broader Nifty50 ended the day at 8,590.65 today, with a loss of 45.00 points or -0.52 per cent. There was a massive sell-off in the last 45-minutes after pharma major Dr Reddy's Lab reported disappointing numbers for the first quarter.

  • Benchmark share indices which hit their 52-week highs in the previous session retreated on Tuesday amid profit taking on caution ahead of the policy meetings of global central banks. Besides, investors are eyeing important events this week like July F&O expiry on Thursday and the progress of the GST bill in ongoing monsoon session of parliament.

  • A late selloff in the market pulled the Nifty50 below its crucial level at 8,600 on Tuesday, which resulted in the formation of 'Small Bear' candle on the daily candlestick charts. The Nifty50 registered a smart breakout in the previous session, but failed to hold the momentum and slipped below its crucial support at 8,600. Traders are advised to remain cautious and create long positions once the index closes above the 8,645 mark, experts said.

  • It was disheartening to see the Nifty50 register a 'Short Black Day' or a 'Small Bear Candle' on the charts as a followup to the breakout witnessed in previous trading session, said Mazhar Mohammad, Chart Strategist. This price action has almost failed the breakout witnessed in the previous session, as it closed inside the erstwhile consolidation zone of 8,595 - 8,476 above which the breakout took place. If the bulls have to regain strength, the market has to close above the 8,645 mark in the immediate future without any further price damage, he said.

NIFTY 3-Month

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