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Market Report

Friday, 23-Sept-2016


  • The Nifty fell 35.90 points, or -0.40 percent, to close at 8,831.55 today, but rose about +0.6 percent for the week. The Sensex fell 104.91 points, or -0.36 per cent, to end at 28,668.22 today, but advanced +0.24 percent for the week.

  • Indian shares ended lower on Friday as investors booked profits a day after the Federal Reserve's decision to maintain US interest rates sparked a rally, but indexes still ended up for the week, posting their third weekly gain in four. Benchmark indices lost ground in late trades as investors booked profits after gains in the previous session after the US Federal Reserve's decision to keep interest rates unchanged.

  • The bears jumped into Dalal Street from the word go today, forcing the Nifty50 to slip below its crucial support level at 8,850. The index slipped 36 points from its previous day's close and formed a 'bear candle' kind of pattern on the daily candlestick charts. If the candle is long, just as the one we observed on the charts today, it can be concluded that the bears maintained selling pressure. This is a neutral chart pattern and traders should not take any decision based on the candlestick pattern formed. However, if the Nifty50 slips below the 8,820 level, it could well trigger further downside, say experts.

NIFTY 3-Month

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