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Market Report

Monday, 28-Nov-2016

NSE

  • The S&P BSE Sensex, which opened at 26,303 against the previous close of 26,316, hit an intra-day high of 26,413 and a low of 26,183 before settling for the day at 26,350.17 today, up 33.83 points or +0.13 per cent. Similarly, the 50-share Nifty50 pack ended 12.60 points, or +0.16 per cent, higher at 8,126.90 today.

  • The benchmark indices pared initial losses to settle the day higher with banking stocks being the biggest drag after the Reserve Bank of India unexpectedly ordered banks to deposit their extra cash with it, although overall sentiment was upbeat as Asian shares advanced. The market breadth indicating the overall health of the market was strong. On BSE, 1,660 shares rose and 931 shares declined, while 174 remained unchanged. Broader markets outperformed the headline indices. BSE Mid-Cap index gained +1%, and the BSE Small-Cap index added +0.6%.

  • The bulls managed to pull the index out of the narrow consolidation zone to help the Nifty50 close the day above its opening level of 8,080 today. In the process, the index formed a 'short bull candle' kind of pattern on the daily candlestick charts. A short candle, as the one seen today, where the closing level is higher than the opening level, means the trading action was subdued, but on the positive side. The Nifty50 came under selling pressure as it came closer to its 200-day SMA placed around the 8,154 mark. The Nifty50 now needs to close above this level if the bulls have to regain control on Dalal Street.

NIFTY 3-Month

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