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Market Report

Friday, 27-Jan-2017


  • The 50-share Nifty index closed 38.50 points, or +0.45 per cent, up at 8,641.25 today, while the 30-share Sensex settled 174.32 points, or +0.63 per cent, up at 27,882.46 today. In the Nifty 500 index, 292 stocks settled the day in green, while 197 were ended below the neutral line today. The Nifty had been making higher top and higher bottom and was up 3.50 per cent during the week, ahead of the Union Budget.

  • Benchmark equity indices, NSE Nifty and BSE Sensex, advanced for a fourth straight session today on heavy investor interest in banks and financial stocks, thanks a good set of earnings numbers from these companies. The rise in equities has also been fuelled by US' Dow Jones breaking past the 20,000 level for the first time ever on Wednesday.

  • Analysts also noted that the market is keeping its expectations high from the forthcoming Union Budget, as the cash ban-hit sectors are widely expected to see a rise in government spending ahead of the state elections. In the buildup the Union Budget, the domestic stock market has been seeing a rally since the beginning of this week, which goes against the tradition, as historically the market has remained nervous and under pressure in the runup to the B-day. The 30-pack index, which hit a low of 27,009 on January 20, looks poised to hit the 28,000 mark anytime now.

  • The Nifty50 today broke above the 8,640 level, a strong short-term resistance, at last on a closing basis for the first time since October 25 last year and formed a 'Small Bullish' candlestick pattern on the daily chart. If it sustains above this level, it would hold the key as we enter an eventful week, with the 50-pack index nearing the overbought territory following a 292-point four-day rally. If the index were to hold above 8,580, it may extend its upmove towards 8,700-8720 levels, and if it holds below 8,550, it could drag the index towards 8,510 and 8,480 levels due to profit booking, say experts.

NIFTY 3-Month

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