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Market Report

Monday, 19-Sept-2016

NSE

  • The Sensex ended the day well above the 28,600 mark at 28,634.50 today, with a gain of 35.47 points, or +0.12 per cent, after rising about +0.90 per cent in the last three sessions. The Nifty50 reclaimed the 8,800 mark to close at 8808.40 today, up 28.55 points, or +0.33 per cent after three days of consecutive gains.

  • The Nifty50 pared some of the intraday gains, but managed to close above its crucial support level of 8,800. It rose to an intraday high of 8,824.30, which resulted in a small upper shadow, shedding 50 points to hit its intraday low of 8,774.20.

  • Domestic markets edged up today tracking gains in Asian markets as investors looked ahead to key central bank meetings in the United States and Japan this week for clues on global monetary policies. Risk appetite also improved following gains in global oil prices after Venezuela said OPEC and non-OPEC producers were close to reaching an output stabilising deal. Positivity in Asian markets along with foreign institutional investors coming back to buying mode helped prop up the market.

  • The Nifty50 ended a volatile session above its crucial resistance level of 8,800 and made a 'Small Bull' candle pattern inside the trading range of the previous session on the daily charts today. The index traded in a range for the most part of the trading day. However, it could not cross Friday's intraday high and supply area of 8,850-8,860. The index has been making higher lows over last three trading sessions, which is a sign of weakness. A short bull candle formed after a 'long-legged doji candle' signifies indecisiveness among bulls as well as bears. It is important for the index to hold above 8,750 on closing basis for the upside momentum to sustain.

NIFTY 3-Month

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