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Market Report

Friday, 09-Dec-2016

NSE

  • Equity benchmark Sensex of the Bombay Stock Exchange closed at 26,747.18 today, up 52.90 points, or +0.20 per cent, from its previous close. On similar lines, the broader Nifty50 of the National Stock Exchange ended flat at 8,261.75 today, up 14.91 points, or +0.18 per cent, from its previous close. The Nifty saw the biggest weekly gain since the first week of September and comfortably maintained its crucial 8250 levels in today's session.

  • Despite status quo by RBI on policy rates and a cut in stimulus from the European Central Bank, Indian shares hit one-month high at the closing today. However, the market lost the momentum seen on Thursday, when the Sensex had rallied over 450 points. As of today, the S&P BSE Sensex is down over 2,000 points from its 52-week high of 29,077 hit in September 2016 and about 800 points down since the government announced demonetisation on November 8.

  • The Nifty50 managed to close above its crucial level of 8,250 today but came under selling pressure at a higher level which is not a good sign for the bulls. The index corrected after hitting a high of 8,274.95 and made a small candle similar to 'Hanging Man' kind of pattern on candlestick charts. A Hanging Man is a bearish reversal candlestick pattern that is formed at the end of an uptrend; hence follow-up buying is necessary for the uptrend to continue. The Nifty50 needs to close above 8,290 levels to pick up momentum in the near-term. If that happens, then next targets can be 8,460-8,510. Contrary to this, a close below 8,196 (200 Day SMA), the index will attract fresh selling.

NIFTY 3-Month

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