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Market Report

Thursday, 22-Dec-2016


  • The 30-share pack, opened at 26,224 against the previous close of 26,242, and hit an intraday high of 26,248 and low of 25,940, before closing at 25,979.60 today, down 262.78 points, or -1.00 per cent. On similar lines, the broader Nifty50 index of the National Stock Exchange closed below the psychological level of 8,000 at 7,979.10 today, down 82.20 points, or -1.02 per cent.

  • For the first time in 13 days, Dalal Street moved at least 1 per cent in either direction today. Many investors were caught off-guard by the nearly 300-point plunge in the Sensex, extending its slide to the seventh session in a row, below the crucial psychological level of 26,000. The heavyweight Nifty Bank index also cut a sorry figure today, as it plunged -1.07 per cent to 17,891. In the process, the index broke the 200 DMA.

  • The Nifty50 slipped below its crucial support level of 8,000 and 7,980 today to hit a fresh four-week low, as the bears exerted selling pressure in the second half of the trading session. The index formed a 'Bearish Candle' on the charts and formed a bearish crossover on the MACD, which strengthens the bearish outlook. The index broke below two major crucial supports at 8,000 and 7,980 levels. The next crucial support for the index is placed at 7,927, which was the low of the Brexit vote day and also the low for the month of November. A break below 7,927 can extend the decline towards the 7,800 level, experts said.

NIFTY 3-Month

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