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Market Report

Thursday, 27-Oct-2016

NSE

  • The S&P BSE Sensex ended the day 79.39 points, or +0.29 per cent, higher at 27,915.90 today. The index, which had opened at 27,808 against previous day's close of 27,836, hit an intraday high of 27,958 and a low of 27,665 during the session. However, the broader Nifty index of the National Stock Exchange ended the day flat at 8,615.25 today, without any loss or gain whatsoever.

  • The domestic equity market remained weak for the third consecutive session today on expiry of October series F&O contracts and fresh developments in the Tata-Mistry story. The Sensex reversed earlier losses on fag-end buying to end in the green, but the Nifty50 closed flat. The difference between their fortunes was heavy selling in stocks unique to the NSE benchmark. Weak cues from Asian markets also had a bearing on the proceedings of Dalal Street.

  • The Nifty50 recouped losses but closed flat amid volatile trade today, signalling caution on the final day of the October F&O series. The index formed a 'Hammer' like pattern on the daily candlestick chart. it signals capitulation by the sellers to form a bottom accompanied by a price rise, indicating fresh buying at lower levels. However, traders should not make decisions based on one candlestick pattern and wait for further confirmation. Now, a close above the 8,665 level can raise hope for the bulls, or else the market is likely to trade in a range. However, a close below the 8,550 level in next few sessions could fuel further profit taking, experts said.

NIFTY 3-Month

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