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Market Report

Tuesday, 29-Nov-2016

NSE

  • Domestic equity indices ended higher today on account of low level buying. The 30-share BSE Sensex closed 43.84 points, or +0.17 per cent, up at 26,394.01 today, while the 50-share NSE Nifty index settled 15.25 points, or +0.19 per cent, up at 8142.15 today. Among the 50 components in Nifty index, 32 stocks ended in green. The BSE Sensex had opened the day at 26,350.17 and touched a high of 26,587.07, in trade.

  • Benchmark indices pared some initial gains in the late afternoon trade after Fitch ratings in its latest report lowered India's Gross Domestic Product (GDP) growth forecast to 6.9 per cent in 2016-17 from 7.4 per cent on demonetisation amid some profit booking. Our market settled the day flat a day ahead of the release of key economic data that include GDP growth for the September quarter and the fiscal deficit data for October scheduled for Wednesday.

  • The Nifty50, which had started on a strong note, gave up most of the gains towards close today, as it formed a 'Shooting Star' kind of formation on the daily candlestick charts. This pattern is usually formed in an uptrend and is treated as a reversal pattern. In theory, this pattern gets validated when it is formed after three consecutive bullish candles that made higher highs. However, today's pattern was made after two bullish candles. It is critical for the Nifty50 to sustain above the 8,100 level. But for an uptrend to sustain, the index should ideally close above its 200-day SMA placed at the 8,158 level, experts said.

NIFTY 3-Month

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