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Market Report

Friday, 13-Jan-2017

NSE

  • The BSE Sensex closed 9.10 points, or -0.03 per cent, down at 27,238.06 today, while the Nifty 50 index settled 6.85 points, or -0.08 per cent, down at 8,400.35 today. Domestic equity market settled almost unchanged after a lacklustre trading session. 18 stocks advanced in the Nifty50 index, while 32 stocks ended the day in the red.

  • The Nifty50 index did well to hold above the psychological level of 8,400 today. The benchmark indices settled marginally lower after market heavyweight Tata Consultancy Services slumped on worries about its future following key management changes. On the macro front, impressive factory output data (IIP) failed to bring cheer to Dalal Street.

  • NSE barometer Nifty50 consolidated around crucial 8,400 level to eventually snap a three-day winning streak, forming a 'Bearish Candle' or 'Dark Cloud' kind of pattern on the daily chart, which signalled a time correction ahead. The pattern would generally indicate fatigue, which can trigger profit booking or a time correction. The market may retest the earlier breakout level of 8,280-8,300 before any move upwards. On the higher side, the index is set to face a stiff resistance near its 100-day SMA at 8,441 when trading resumes on Monday. Select momentum oscillators are exhibiting a negative divergence, but further weakness is necessary to confirm a trend reversal in the index.

NIFTY 3-Month

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