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Market Report

Tuesday, 27-Sept-2016

NSE

  • The broader NSE index Nifty50 ended 16.65 points, or -0.19 per cent, lower to close at 8706.40 today, after earlier gaining as much as +0.52 per cent. The benchmark BSE index Sensex closed 70.58 points, or -0.25 per cent, lower at 28,223.70 today. Both indexes recorded their lowest close since August 29 on account of profit booking at higher levels.

  • From 138-point up to 70-point down, the Sensex swung in a 200-point range through the day as investors dealt with conflicting cues of what looked like a risk aversion in Asian markets born out of fear of a possible Donald Trump presidency in the US which then transformed into a feel-good factor after the first square-off between the top candidates seemingly put Hillary Clinton ahead in the race.

  • Domestic stock markets closed lower for the third straight day, and at their lowest in nearly a month today as a slump in European shares offset earlier gains after investors awarded the first US presidential debate to Hillary Clinton over Donald Trump. As the market was drawing up confidence to notch up some healthy gains, Saudi Arabia played spoilsport by dashing hopes of an output-limiting deal at an OPEC meeting in Algeria this week.

  • The Nifty50 managed to bounce back from its support level of 8,700 today, but formed made a 'Small Bearish' candle on the daily candlestick charts. This is the third consecutive bearish pattern, which confirms a bearish outlook for the market. The short structure of the candle suggests that the trading action was subdued. But the chart structure still remains negative even though the index is trading near its crucial support levels. Hence, traders can still maintain their short positions on the Nifty50 with a stop loss at the 8,820 level, say experts.

NIFTY 3-Month

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