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Market Report

Friday, 26-Aug-2016

NSE

  • The 30-share S&P BSE Sensex opened higher only to scuttle away the gains as the session progressed. The index saw an intraday high of 27,935.88 and low of 27,696.99 before settling at 27,782.25 today, down 53.66 points, or -0.19 per cent. On similar lines, the broader NSE Nifty50 closed in the red shedding 19.65 points, or -0.23 per cent, to settle at 8,572.55 today. Steady profit booking by institutional investors dampened sentiments today.

  • Domestic markets witnessed cautious trading for the third straight session today as investors remained wary of the Federal Reserve Chair Janet Yellen's speech at the Jackson Hole Symposium, scheduled for later in the evening. The fundamentals of the US economy have improved a lot and the Brexit fallout was not as bad for financial markets as feared previously. This has already fuelled expectations of a possible rate hike by the US Fed in the before the end of the year.

  • The Nifty50, which moved in a narrow range throughout the trading session today, failed to close above its crucial level of 8,600 and made a 'Hammer' like pattern on the daily candlestick charts. Actually, not exactly a Hammer, as it has a slight body as well as small upper shadow, but looked more like a 'Short Bearish' candle. A 'Hammer' pattern formed after a 'Bearish Engulfing' pattern shows that the bears still remained in control but the bulls were not giving up without a fight. The chart structure of the Nifty50 will remain positive till it trades above the 8,540 level.

NIFTY 3-Month

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