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Market Report

Friday, 16-Sept-2016

NSE

  • The Sensex ended the day just one point short of the 28,600 mark at 28,599.03 today, with a gain of 186.14 points, or +0.66 per cent. The S&P BSE index surged as much as 366 points in intraday. The Nifty50 reclaimed the 8,800 mark but lost it half-way only to close at 8,779.85 today, up 37.30 points, or +0.43 per cent.

  • Today's trading pattern re-confirmed the current trend that equities markets today are at the mercy of the global central banks. Friday's 186-point rally in the Sensex was triggered by hopes that the US Fed would maintain status quo on policy rate in its two-day policy meet next week.

  • The Nifty50 failed to hold on to the momentum witnessed in the opening trade and closed below its crucial level of 8,800 today. It formed a 'Long-Legged Doji' kind of pattern on the daily candlestick chart, which suggests caution. The pattern suggests neither the bulls nor the bears were able to regain control on Dalal Street, which signals a shift in market direction in the days ahead. The pattern does suggest uncertainty, but traders should not go short on the index now and wait for confirmation. If the Nifty50 slips below the 8,750 level, further weakness cannot be ruled out.

  • To witness an up move towards next hurdles at 8,820 and 8,888 levels, the Nifty50 has to hold above 8,750 on a closing basis, said Chandan Taparia of Anand Rathi Financial. On the downside, immediate support exists at 8,700 and then at 8,665 level, Taparia added.

NIFTY 3-Month

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