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Market Report

Wednesday, 24-Aug-2016

NSE

  • In painfully lacklustre trade, the BSE Sensex advanced 69.73 points, or +0.25 per cent, to settle at 28,059.94 today. The only achievement for index for the day was regaining the 28,000 mark. The Nifty50 too held the 8,650 mark and closed at 8650.30 today, up 17.70 points or +0.21 per cent.

  • It was a dull day on Dalal Street, as investors turned cautious in the domestic market ahead of Thursday's expiry of August series F&O contracts and US Fed Chair Janet Yellen's speech at Jackson Hole later on Friday.

  • The Nifty50 managed to close above its crucial support level of 8,650 today, and in the process, formed a 'Dragonfly Doji' candlestick pattern on the daily charts for the second consecutive day. This pattern signals indecisiveness among traders, but it also points to the fact that the bulls managed to bring the index back above the crucial level at 8650, which is a positive sign. The Nifty50 has to cross and hold above the 8665 level to witness any further upward move towards the 8700-8728 levels, while a slip below the 8620-8580 levels could trigger profit booking, experts said.

NIFTY 3-Month

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