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Market Report

Tuesday, 27-Dec-2016


  • The 50-share Nifty50 closed 124.60 points, or +1.58 per cent, higher at 8,032.85 today, while the 30-share Sensex settled 406.34 points, or +1.57 per cent, up at 26,213.44 today, registering their biggest gains since December 8. The benchmark Nifty50 index bounced back from a seven-month low hit yesterday amid buying in beaten-down stocks like pharma to log over 1 per cent gain today.

  • Our market witnessed a broad-based relief rally, supported by Finance minister's comment on competitive tax structure compared to yesterday's interpretation of possible capital gains tax. The domestic market is expected to be volatile due to expiry week and as uncertainty still prevails over the extent of impact on earnings due to demonetization. Globally investor participation continue to be muted due to holiday mood and lack of any major triggers.

  • Time and again, the Brexit day low of 7,927 emerged as strong support for the Nifty. The index bounced back today after slipping towards the crucial support of 7,900 on the back of value buying in blue-chip stocks such as ITC, Tata Steel, Adani Ports, and ICICI Bank.

  • The Nifty50 rallied more than 100 points today to close above the crucial level of 8,000, and in the process it formed a 'Long Bullish Candle' or Long White Day kind of pattern on the daily candlestick charts. A Long White Day signifies that the market witnessed sustained buying interest from the bulls for most part of the day, which is a bullish sign that could have been led by short covering ahead of Thursday's expiry of December series F&O contracts. If the momentum continues, the index will be on track to hit its next logical target at 8,043 and 8,100 levels, experts said. But the bullish bias would be established only when the index closes above the 8,275 level, they add.

NIFTY 3-Month

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