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Market Report

Friday, 18-Nov-2016

NSE

  • The 30-share Sensex closed 77.38 points, or -0.30 per cent, down at 26,150.24 today, while NSE's Nifty50 index settled 5.85 point, or -0.07 per cent, down at 8,074.10 today. Among the 50 components in the Nifty50 index, 28 ended in the green with NTPC rising the most at +4.41 per cent.

  • Benchmark share indices ended lower, amid a volatile trading session, after comments from US Fed Chairman Janet Yellen raised the prospects of a rate hike sooner than expected, one month before Republic Donald Trump takes office, while the ongoing developments post the demonetisation and a weakness in the rupee also dented sentiment. Sensex dropped over 100 points during the last leg of today's trade while the broader Nifty 50 hit 6-month low to end at 8,074 even though the Sensex rose 120 points during the day and the Nifty50 also breached its crucial 8,050 level today.

  • The Nifty50, which opened with a small gap on the higher side today, came under selling pressure to close below 8,100, a level last seen in May. It formed a bearish candle, which closely resembled a 'Spinning Top' of pattern on the daily candlestick chart. This candle is often regarded as a neutral pattern, which suggests indecisiveness among both the bulls and the bears and can be formed in an uptrend as well as in a downtrend. Traders are advised to stay light when the market opens for trading next week, and can keep a stop loss at 8,000 for all the long positions, if any. Most technical analysts are mulling a pullback rally next week.

  • Any uptick in the market is shortlived, as participants are shying away from taking fresh positions, said Vinod Nair of Geojit BNP Paribas. The signals from the US Fed for a December rate hike have inflicted more pain on the rupee and equities, which were already reeling under the impact of demonetisation, he added.

NIFTY 3-Month

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