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Market Report

Friday, 19-Aug-2016

NSE

  • The BSE Sensex dropped 46.44 points, or -0.17 per cent, to end the day at 28,077.00 today. Twenty of 30 index stocks ended lower for the day. The Nifty50 fell 6.35 points, or -0.07 per cent, to close at 8,666.90 today. The BSE Midcap index rose +0.52 per cent, while the BSE Smallcap index ended +0.45 per cent higher.

  • A selling spree in the heavyweight banking and IT sectors besides a poor start to European markets weighed heavy on domestic market sentiments today, forcing the benchmark indices to end the week on a muted note, despite a SBI-led big opening.

  • The Nifty50, which came near kissing distance of the 8,700 level, succumbed to selling pressure today, but managed to close above the crucial support level of 8,650. In the process, the index formed a 'Small Bear' candle, which resembled a 'Hanging Man' kind of formation on the daily candlestick charts. In this formation, the market witnesses significant selloff at the very start but manages to recoup some of the losses and close near the opening level. The selloff is usually seen as an early indication of a short-term top being formed. However, traders should not base their decisions on this pattern alone and also look at other indicators such as RSI, MACD, ADX and RoC, among others, say experts.

NIFTY 3-Month

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