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Market Report

Monday, 12-Dec-2016

NSE

  • Equity benchmark Sensex of the Bombay Stock Exchange slipped 231.94 points, or -0.87 per cent, to close at 26,515.24 today. The index, which opened at 26,725 against Friday's close of 26,747, hit an intraday high of 26,725 and a low of 26,468 during the session.

  • The fall for the broader Nifty50 index of the National Stock Exchange was steeper as it went down 90.95 points, or -1.10 per cent, to close at 8,170.80 today. The Nifty50 came under selling pressure from the word go, as the opening level of 8,230 was also the intraday high.

  • The domestic equity market tanked today, with the BSE Sensex shedding some 200 points, hurt by weak industrial output data for October, spurt in crude oil prices, fears of a rate hike by the US Fed and US President-elect Donald Trump's comments on immigration and 'visa abuse'. IT stocks fell, dragging the S&P BSE IT index -0.41 per cent lower to 9,774.

  • The Nifty50 breached its crucial support level of 8,200 on the downside today and formed a 'Bearish Belt Hold' pattern on the daily candlestick charts. Traders should remain cautious and refrain from creating any fresh long positions as the index has now slipped below its crucial 200-day SMA placed at 8,202. There could be a slight technical pullback if the US Fed leaves rates unchanged at its two-day policy meet, which starts on Tuesday. It is important for the Nifty50 to reclaim 8,200 and 8,250 levels this week for the bulls to regain control over Dalal Street. If it slips below the 8,150 level, it could accelerate the slide.

NIFTY 3-Month

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