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Market Report

Thursday, 12-Jan-2017

NSE

  • Domestic equity benchmark BSE Sensex extended its winning streak to the third day and closed 106.75 points, or +0.39 per cent, higher at 27,247.16 today, amid brisk buying on the frontline blue chip counters. The Nifty 50 index of NSE settled 26.55 points, or +0.32 per cent, higher at 8,407.20 today.

  • Thanks to the gains in US market overnight and buoyancy in Asian equities today, the Nifty index reclaimed the psychologically crucial 8,400 level and BSE Sensex settled above 27,200 mark. IT stocks rose on hopes that US President-elect Donald Trump may not proceed with stringent visa rules, which helped lift the indices. The Nifty50 index slipped below its crucial 8,400 level that it hit in the early trade, but bounced back later. However, the S&P BSE Sensex continued to trade above 27,000 mark throughout.

  • By reclaiming the 8,400 level and forming a bullish candle on the daily charts today, Nifty50 might have hinted at a further rally, but post the 500-point jump, the index might consolidate around the prevailing levels for some time, before resuming the uptrend. After falling below the sub-8,000 level (7,906) on December 26, 2016, the index has shown strength and crossed the 8,300-level on Wednesday, before taking out the 8,400-level today. The index is in fact close to the overbought territory, as hinted by the relative strength index and would now faces resistance at its 100-day simple moving average (SMA) of 8,477. Any fall from said levels should be regarded as an opportunity to create long positions with a stop below 8,290, say experts.

NIFTY 3-Month

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