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Market Report

Monday, 22-Aug-2016

NSE

  • Our market saw a 91.46 point, or -0.33 per cent, fall in the benchmark Sensex which closed at 27,985.54 today, while the NSE Nifty50 ended at 8,629.15 today, down 37.75 points or -0.44 per cent.

  • Markets ended lower today after the appointment of Urjit Patel as the new governor of India's central bank. This has lowered the probability of an interest rate cut soon as Urjit Patel is known for his hawkish view on inflation just like Raghuram Rajan.

  • The Nifty50 slipped below its crucial level of 8,650 today, but still managed to hold on to its support at 8,600, which is a positive sign for the bulls. The index made a 'Small Bearish' candle on the daily candlestick charts. However, the positive bias is still intact as long as Nifty50 holds above the 8,540 level. Traders are advised to maintain long positions with a stop loss at the above-mentioned level, say experts.

NIFTY 3-Month

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