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Market Report

Monday, 21-Nov-2016

NSE

  • The BSE Sensex, the 30-stock pack, closed 385.10 points, or -1.47 per cent, lower at 25,765.14 today, with industry heavyweights SBI, HDFC and Tata Motors contributing the most in the index fall. It hit an intraday high of 26,270.28 and a low of 25,717.93. The broader Nifty50 index of the National Stock Exchange closed below the crucial level of 8,000 at 7,929.10 today, down 145 points, or -1.80 per cent lower.

  • The domestic equity market extended its losing streak today, making it the longest since March 2015, as the headline indices broke below the Brexit result day lows and plunged the most since May 25, 2016, dragging the Sensex to below the 26,000 mark. It took just eight sessions for BSE benchmark Sensex to wipe out all the gains that it had notched up in the 10 months till November 8 of this calendar year. Several brokerage houses downgraded the market and slashed Sensex targets on account of lingering worries over the cash squeeze in the domestic economy and outflow of foreign institutional investment amid fears of a rate hike by the US Federal Reserve.

  • The Nifty50 on Monday erased all the gains made all through calendar 2016, as it slipped below its two crucial support levels at 8,000 and 7,950. The index formed a bearish candle, which closely resembled the 'Bearish Belt Hold' pattern on the daily candlestick charts. It witnessed sustained selling pressure for most part of the session and broke below its swing low of 8,002 and Brexit results day low of 7,927. Traders should remain cautious and refrain from creating any fresh short positions as long as the index trades below 8,000 level. However, a technical pullback cannot be ruled out from current level, experts said. The next support for the index now stands at the 7,850 level.

NIFTY 3-Month

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