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Market Report

Friday, 28-Oct-2016

NSE

  • The BSE Sensex rose 25.61 points, or +0.09 per cent, to end Samvat 2072 at 27,941.51 today. The NSE barometer Nifty50 added 22.75 points, or +0.26 per cent, to close the day at 8,638.00 today. The NSE barometer did enough to settle above the 8,600 mark.

  • Benchmark share indices ended higher, amid a choppy trading session, with Tata Motors gaining the most following a rebound in Tata Group shares while recovery in financials also aided sentiment.

  • Metal stocks took the honours of best performers in the Samvat year 2072 that is ending this Saturday. When the last trading session of the Samvat year closed today, the Nifty Metal index was quoting 57 per cent gains for the year, followed by the Nifty Realty index, which is up 25 per cent. The benchmark Nifty itself notched up 10 per cent, while its junior peer S&P BSE Sensex could manage only 8 per cent. However, in the broader market, the BSE Midcap index gained 22 per cent as was the BSE Smallcap index.

  • The Nifty50, which opened today's trading on a positive note, witnessed selling pressure through mid-morning, but the bulls managed to pull the index higher above its crucial resistance level of 8,600 towards close. It formed a 'Hammer'-like pattern on the daily candlestick charts for the second consecutive day in a row. It signals a capitulation by the sellers to form a bottom accompanied by a price rise, indicating fresh buying at lower levels. Now, a close above its 50-day EMA of 8,657 and 8,664 level will strengthen the momentum for the bulls, experts said. However, traders should not make decisions based on one candlestick pattern and wait for further confirmation.

NIFTY 3-Month

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