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Market Report

Thursday, 15-Dec-2016

NSE

  • After sliding nearly 200 points in opening trade, equity benchmark Sensex quickly recouped all the losses and gained 100 points within 30 minutes. The 30-share index, which opened at 26,497 against the previous day's close of 26,602, hit an intraday high of 26,737 and a low of 26,407, before settling at 26,519.07 today, down 83.77 points, or -0.31 per cent. On similar lines, the broader Nifty50 index of the National Stock Exchange ended at 8,153.60 today, down 28.85 points, or -0.35 per cent, from its previous close.

  • After a gap-down start, the Nifty50 remained volatile throughout the session. Although it reclaimed its crucial psychological level of 8,200, it came under selling pressure at higher levels. Traders should remain cautious on Friday as a break below 8,150 level can extend the decline. Investor sentiment remained dented after the US Federal Reserve hiked interest rates by 25 basis points and signalled a faster pace of rate increases in 2017, as the Trump administration prepares to take over with promises to boost growth through tax cuts, spending and deregulation.

  • The Nifty50 ended a volatile session today below its crucial 200-day SMA placed at 8,217 and formed a 'Shooting Star' kind of pattern on the daily candlestick charts. This pattern is usually formed in an uptrend and indicates a potential reversal in the price. It looks like the bulls are slowly losing their grip on the market and weight of technical evidence is tilting firmly in favour of the bears. The Nifty50 has got stuck in the trading range and till it doesn't cross and hold above 8,230 zones weakness may persist with the downside support of 8,080 and 8,055 levels, say experts.

NIFTY 3-Month

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