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Market Report

Thursday, 22-Sept-2016


  • The BSE Sensex surged 265.71 points, or +0.93 per cent, to settle at 28,773.13 today. The Nifty50 could not kiss the 8,900 mark, but managed to climb +1.03 per cent to close at 8,867.45 today. The Nifty marked its biggest gain since September 6, while the Sensex gave its highest close since September 9.

  • Indian equities surged in today's trade mirroring strong global markets after the US Federal Reserve kept interest rates at a near-record low, but hinted a hike could come in December. However, during mid-session, markets witnessed some profit booking when Sensex and Nifty were trading at their highest levels in intra-day session. Later, positive opening of the European markets helped local markets regain strength.

  • The bulls failed to keep the momentum going on Dalal Street today as the Nifty50 came under selling pressure at higher levels and formed a 'Doji Star' kind of pattern on the daily candlestick charts. A formation of Doji even after a gapup start is not good news for the bulls. The key takeaway from today's price action is that the Nifty50 managed to close above its crucial resistance levels at 8,820 and 8,850. Friday's trading session will be very important from a trading perspective. If the index manages to hold above 8,820-8,850 levels, the rally will continue towards 8,900-8,969 levels, experts said.

NIFTY 3-Month

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