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Market Report

Wednesday, 28-Dec-2016

NSE

  • The 30-share Sensex touched a high and low of 26,415 and 26,191, respectively, in intraday trade before wrapping the day at 26,210.68 today, down 2.76 points, or -0.01 per cent. Likewise, the 50-share Nifty index closed at 8,034.85 today, up 2.00 points, or +0.02 per cent. During the day, the Nifty50 moved between 8,100 and 8,028 levels.

  • Heavy profit booking in the last hour of today's session wiped out the day's gains, which made the benchmark indices to end the day flat. The market closed so flat that one index closed in the red while the other closed green. All gains were lost as sentiment remained cautious ahead of F&O expiry of December series. Markets took a sudden plunge in the late afternoon trade minutes after Nifty hit its crucial 8,100-mark. Sensex settled the day in red after rising as much as 202 points during the day.

  • The Moving Average Convergence and Divergence (MACD) today shows that over 80 stocks on the National Stock Exchange witnessed an upwards crossover while 130 stocks on the BSE witnessed bullish crossover. MACD is a trend following momentum indicator and one of the most effective momentum indicators that can be used to spot a change in the short-term trend of the market.

  • The Nifty50 pared gains at the fag-end of today's session after hitting the crucial psychological and key resistance level of 8,100. In the process, the index formed a 'Shooting Star' kind of pattern on the daily candlestick charts. After a mild gap-up start, the index remained volatile throughout the session. Traders should remain cautious on Thursday as it could turn out to be a volatile trading day. A break below the 7,980 level could extend the decline, while a break above 8,050-8,100 levels may strengthen bullish sentiment.

NIFTY 3-Month

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