IntradayTrade dot Net dot IN
Market Report

Friday, 23-Dec-2016

NSE

  • The S&P BSE Sensex reclaimed its crucial psychological level of 26,000 and closed at 26,040.70 today, up 61.10 points, or +0.24 per cent. The 30-share pack, which opened at 25,959 against the previous close of 25,979, hit an intraday high of 26,143 and low of 25,872. The broader Nifty50 of the National Stock Exchange ended marginally higher at 7,985.75 today, up 6.65 points, or +0.08 per cent.

  • The benchmark indices today settled higher thanks to early rollovers to January series and bargain hunting at lower levels after market witnessed seven straight sessions of losses. Long holidays ahead of Christmas and New Year's Day restricted activities in capital markets across the globe, including India. Besides, heavy selling by FIIs also weighed on domestic stocks.

  • The Nifty50 managed to stage a smart pullback rally in the second half of the trading session on Friday and formed a 'Doji' candle, which also looked like a 'spinning top' kind of formation on the daily candlestick charts. The candle is often regarded as a neutral pattern, which suggests indecisiveness on the part of both the bulls as well as the bears. It also signifies that the sellers were losing conviction and that a bottom may be forming, which could lead to a technical pullback. Traders are advised to stay light as chances of a pullback rally are relatively high, which might get extended towards the 8,000 and 8,050 levels, which are also the next resistance levels.

NIFTY 3-Month

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