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Market Report

Monday, 30-Jan-2017

NSE

  • The BSE Sensex closed 32.90 points, or -0.12 per cent, down at 27,849.56 today while the 50-share NSE Nifty index closed 8.50 points, or -0.10 per cent, down at 8,632.75 today. On the day when equities traded in a small range near the flat line, the domestic equity market closed marginally in the red today following weak global cues.

  • Snapping four-session long gaining spree, the market today settled lower as sentiment remained cautious ahead of the Union Budget 2017, while a steep surge in stocks of Bharti Airtel and Idea Cellular provided some succour to the frontline indices. Shares of telecom stocks hogged limelight after Vodafone confirmed that the company was in talks with the Aditya Birla group for the merger of its Indian entity and Idea Cellular in what will be the largest such deal in the country's telecom space.

  • Nifty50 today failed to sustain 8,640 level and formed a pattern similar to 'Harami Cross' on the daily chart, suggesting indecisiveness among the bulls and the bears ahead of release of the Economic Survey on Tuesday. The formation of a bearish Harami Cross after a sharp rally indicates that the ongoing trend could either reverse or take a pause, technical experts said. Near term weakness shall get confirmed if the Nifty50 slips below 8,606 levels, below which next support can be expected at around 8,548 level, they say.

NIFTY 3-Month

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