IntradayTrade dot Net dot IN
Market Report

Wednesday, 23-Nov-2016


  • The S&P BSE Sensex, which opened at 26,101 against the previous close of 25,960, closed 91.03 points, or +0.35 per cent, higher at 26,051.81 today with blue chips L&T, Asian Paints and Lupin contributing most of the gains. The headline index hit an intraday high of 26,130 and a low of 25,877 during the session. On similar lines, the broader Nifty50 index of the National Stock Exchange closed 31.00 points, or +0.39 per cent, higher at 8,033.30 today mostly on a short covering rally.

  • After rallying over 100 points in the intra-day trade today, the domestic equity market pared some of the gains but still ended in the green for the second day in a row. Positive cues from the Asian markets which surged to one-week highs after the Wall Street saw a second consecutive record-breaking session overnight, contributed to the gains. It was the first time since November 8, the day the Modi government demonetised 86 per cent of the currency in circulation (Rs 500 and Rs 1,000 currency notes), that the market closed in the positive for two sessions back to back.

  • The bulls managed to push the Nifty50 above the crucial 8,000 mark today, which resulted in a Hammer like pattern on the daily candlestick charts for a second straight session in a row. As per theory, Hammer is a bullish reversal pattern, which is formed after a decline. However, a confirmation in the form of long white day or a large bull candle is required. Hammer can mark bottoms or support levels. The fact that it got formed for the second day in a row could signal a bullish revival. However, for the bulls to regain control, the Nifty50 should reclaim the 8,050 level on a closing basis. If it slips below the 7,900 mark, it could attract further selling, experts said.

NIFTY 3-Month

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