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Market Report

Wednesday, 21-Sept-2016


  • Our markets closed flat today - so flat that one index closed positive while the other closed in the red. The Sensex fell 15.78 points, -0.06 per cent, to close at 28,507.42 today. The Nifty rose 1.25 points, or +0.01 per cent, to close at 8,777.15 today.

  • The flat end to the session came after both the NSE and BSE indexes rose as much as +0.58 per cent earlier, in the initial reaction to the Bank of Japan's decision to adopt a target for long-term interest rates in an overhaul of its massive monetary stimulus programme. The BSE plunged about 230 points from the day's high as investors also remained cautious ahead of the US Federal Reserve policy decision due later in the day.

  • The Union Cabinet today officially ended the practice of putting up a separate Railway Budget, which started in 1924, by merging it with the General Budget. It has also approved advancing the date for presenting the Union Budget by a month. Both of these are considered positive steps by market experts.

  • The Nifty50 gave up all the intraday gains to slip below the crucial level at 8,800 today ahead of the outcome of the US Federal Reserve's policy review. The index formed a 'Spinning Top' kind of formation on the daily candlestick chart. This candle is often regarded as a neutral pattern, which suggests indecisiveness on the part of both the bulls and the bears. This kind of listless price behaviour is clearly suggesting that market participants lack the conviction to trade ahead of the outcome of the US Fed meet. In such a scenario, it will be very difficult to draw conclusions by reading the chart pattern, experts said.

NIFTY 3-Month

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