IntradayTrade dot Net dot IN
Market Report

Wednesday, 21-Dec-2016


  • The S&P BSE Sensex closed 65.60 points, or -0.25 per cent, lower at 26,242.38 today. The 30-share index, which opened at 26,368 against the previous close of 26,307, hit an intraday high of 26,396 and low of 26,213. On similar lines, the broader Nifty50 index of the National Stock Exchange closed 21.10 points, or -0.26 per cent, down at 8,061.30 today.

  • Benchmark indices extended losses for six straight trading sessions amid volatility owing to lack of any major domestic as well as global cues. Moreover, the holiday spirit is expected to keep the market muted on account of less volume on the FII counter. After trading in the green for most part of the session, the domestic equity market slipped into the negative territory in the last hour. Analysts said the market will trade in a narrow range until the effects of demonetisation get clearer.

  • The bulls failed to keep the momentum going, as the Nifty50 slipped into the red in the last 60 minutes of today's session. The index made a 'Bearish Candle' for the sixth consecutive session on the daily candlestick chart. But the index still managed to bounce back from its support level at 8,050. Traders are advised to stay cautious and use any dips towards 8,000 level to create long positions for a technical pullback. If the index slips below the 8,050 level, then it will have the next support at around 7,980-7,950 levels.

  • I think some adventurous longs were built, which met with some disappointments as the market did not move ahead further, forcing liquidation of these positions, said Dr CK Narayan. My expectation is that there should be no follow through to the downside to the levels we are seeing currently. If that were to be the case and we open flat or slightly better tomorrow, then I will be a buyer in the 8,100 Call, said Dr Narayan.

NIFTY 3-Month

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