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Market Report

Friday, 06-Jan-2017


  • The S&P BSE Sensex closed 119.01 points, or -0.44 per cent, lower at 26,759.23 today. It hit a low of 26.733.33 and a high of 27,009.61. The gauge had gained 245.11 points in yesterday's trade. The Nifty50 closed 30.00 points, or -0.36 per cent, lower at 8,243.80 today. On a weekly basis, both key indices -- the Sensex and the Nifty -- recorded a rise of 132.77 points, or +0.49 per cent, and 58 points, or +0.70 per cent, respectively.

  • Benchmark indices failed to hold on to the momentum and turned choppy as selling pressure pulled indices lower. Both Nifty50 and the S&P BSE Sensex regained their crucial 8,300 and 27,000 levels respectively for the first time since November 11, 2016. Marked by day-long swings, the stock market came off its nearly two-month high stumped by IT worries following proposed H-1B visa curbs in the US.

  • Bulls failed to keep the momentum going after hitting the 8,300 level in the last trading session of the week, as the Nifty50 ended below its psychological support of 8,250 today. The index made a bearish candle on the daily candlestick charts and spinning top on the weekly charts. The Nifty50 has seen a recovery from 7,900 to 8,300 levels and is now finding some profit-booking declines. The index has been making higher lows for the last six trading sessions and if it now fails to hold above the 8,220 level then the index may witness a profit-booking decline towards 8,150-8,135 levels. On the upside, holding above 8,280 may extend its up move towards 8,335 and then towards 8,400 level, suggest experts.

NIFTY 3-Month

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