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Market Report

Wednesday, 04-Jan-2017


  • The S&P BSE Sensex opened at 26,677.22, 28 points higher, against previous close of 26,643.24, before settling 10.11 points, or -0.04 per cent, lower at 26,633.13 today. The benchmark index hit an intraday high of 26,723.37 and a low of 26,606.06. The broader benchmark Nifty50 closed flat at 8,190.50 today, down by 1.75 points, or -0.02 per cent.

  • In a volatile trading session, the benchmark indices scuttled between gains and losses to settle the day little changed after Centre and State governments failed to reach consensus on the issue of dual control at Goods and Services Tax (GST) Council meeting that ended today. Negative opening in European markets also affected the sentiment. The domestic equity market once again ended on a cautious note ahead of Q3 results which start from January 13.

  • The Nifty50 continued its lacklustre movement for a third straight session in a row today and formed a 'Spinning Top' kind of pattern on the daily candlestick charts. This candle is often regarded as a neutral pattern, which suggests indecisiveness on the part of both bulls as well as bears. The current formation suggests that buyers are losing conviction and a possible stop could be in place. For markets to continue its bull run, Nifty50 now has to make a move above 8,230 levels. If the index closes below 8,180, further correction cannot be ruled out. Positional traders can create short positions in Nifty50 with a stop of 8,230 on closing basis, suggest experts.

NIFTY 3-Month

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