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Market Report

Wednesday, 17-Aug-2016


  • The S&P BSE Sensex settled at 28,005.37 today, down 59.24 points or -0.21 per cent. The Nifty50 again closed below its crucial level of 8,650, at 8,624.05 today, down 59.24 points or -0.21 per cent. Technically, the market is consolidating in a narrow range and a small correction is due before the rally continues.

  • US Federal Reserve member William Dudley hinted at a possible rate hike in September and Asian, US and European markets all took a beating. The domestic market was not behind. The equity benchmarks opened flat and traded cautiously through the day but eventually ended with losses. The 30-share Sensex still managed to hold above the psychologically important 28,000 mark, while the 50-share Nifty50 slipped about 18 points.

  • The Nifty50 today managed to hold above the crucial support level at 8,600, but closed below the key resistance at 8,650, forming a 'Spinning Top' kind of pattern on the daily candlestick charts. This candle is often regarded as a neutral pattern, suggesting indecisiveness among both the bulls as well as the bears. A close above the 8,650-8,684 range will restore the positive momentum in the index. A breach of the 8,540 level on a closing basis is likely to trigger a further correction in the market.

NIFTY 3-Month

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