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Market Report

Friday, 20-Jan-2017

NSE

  • The 30-share Sensex closed 274.10 points, or -1.00 per cent, down at 27,034.50 today, while the 50-share Nifty50 settled 85.75 points, or -1.02 per cent, down at 8,349.35 today.

  • The domestic equity market took a heavy beating today, as investors chose to play it safe and reduced their exposure ahead of the inauguration of the US President-elect Donald Trump. The Nifty50 slipped below the crucial psychological support level of 8,450 - a level that was offering strong support to the index for the past few sessions. With that, the bears once again gained upper hand over the bulls on Dalal Street.

  • The market settled lower for the first time in four weeks with the tax relief for foreign portfolio investors (FPIs) and the resolution of dual control issue on Goods and Services Tax (GST) failing to impress. The Nifty ended the week with a net loss of 51 points or -0.61 per cent. The loss of the Friday's session took the entire week into the negative territory. The Nifty50 moved beyond the 8,250-8,275 zone during the previous week and it sustained above these levels all through this week. The coming week will be crucial as we near the expiry of January series derivative contracts.

  • Technical charts hinted at the formation of a bearish candlestick pattern, suggesting that investors should brace for a bear onslaught from here on if the NSE barometer fails to reclaim and sustain above the 8,400 level on a closing basis soon. The index has retreated from its 100-day simple moving average of 8,430 and is headed towards its crucial 200-day SMA at 8,315. The MACD indicator is weakening and the market has retreated from near the overbought territory.

NIFTY 3-Month

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