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Market Report

Thursday, 29-Dec-2016

NSE

  • The Sensex closed at 26,366.15 today, up 155.47 points or +0.59 per cent. The 30-share index opened at 26,429 against the previous close of 26,210 and hit an intraday high of 26,429 and low of 26,166. The broader Nifty50 index of the NSE rose 68.75 points, or +0.85 per cent, to close above the 8,100 level at 8,103.60 today.

  • The domestic equity market continued its unpredictable run today. The benchmark indices today settled the December series of future & options on a positive note on renewed buying in the late afternoon trade. The market traded flat for major part of the session as subdued trend seen in global markets after Wall Street suffered a mild setback overnight capped the gains. Our markets were expected to end flat. However, to much surprise, the benchmark index Sensex jumped over 150 points at the fag-end of the session to close at 26,366. The spike was witnessed in the last 30 minutes of the session.

  • The Nifty50 reclaimed its crucial resistance level of 8,100 on the F&O expiry day today and formed a 'Strong Bull Candle' on the daily candlestick charts. It also formed a 'Bullish Engulfing Pattern' and generated a buy signal on the MACD charts. It looks like the bulls have got an upper hand based on technical data, but the momentum will be key as it will not be smooth sailing for traders in January. Although the technical setup signalled a bullish view, but the trend would only favour the bulls once it breaks above the 8,150-8,200 Levels on a closing basis. Till then, there could be some sideways movement and a break below 8,100 could fuel further selling, experts said.

NIFTY 3-Month

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