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Market Report

Tuesday, 17-Jan-2017

NSE

  • The 30-share BSE Sensex settled 52.51 points, or -0.19 per cent, down at 27,235.66 today, while the 50-share Nifty50 closed 14.80 points, or -0.18 per cent, down at 8,398.00 today. The benchmark Nifty index breached the psychological level at 8,400 today amid selling on the frontline bluechip counters as December quarter numbers triggered profit booking.

  • The benchmark indices settled the today's session lower tracking European markets which fell ahead of British Prime Minister Theresa May's speech on Brexit due later in the day. Investors will scrutinise May's speech for clues to whether she plans to prioritise immigration controls in a hard Brexit that some say could hurt UK's economy.

  • The Nifty50 today broke below the psychological mark of 8,400 and formed a candlestick pattern similar to the 'Spinning Top' pattern, suggesting that the bulls are turning indecisive at higher levels. Narrowing of the trading range in the past couple of days has confirmed consolidation of the Nifty50, following a 500-point rally from the December low, but the technical trend has been losing strength and the 8,440-8,460 range is now posing resistance on the upside. The index has to hold above the 8,440 level to extend its upward move towards the 8,510 level, say experts.

NIFTY 3-Month

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