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Market Report

Tuesday, 14-Feb-2017

NSE

  • The 30-share BSE Sensex closed 12.31 points, -0.04 per cent, down at 28339.31 today, while the 50-share NSE Nifty index settled 12.75 points, or -0.14 per cent, down at 8792.30 today.

  • Benchmark equity index BSE Sensex snapped a three-day gaining streak today on account of profit-booking in recent gainers. WPI inflation in January rising to 5.25% against 3.39% in previous month also affected the sentiment. Yesterday, however, retail inflation in January declined to multi-year low of 3.17% against 3.41% in Dec due to low demand after demonetisation.

  • Nifty50 today again failed to cross the strong resistance at the 8,820 level and snapped a four-day consecutive gain to form a pattern similar to 'Bearish Belt Hold'. Analysts see a sharp correction going ahead, if the index were to break below 8,785 on a closing basis. On the flip side, the 8,820 level has earned a status of being strong resistance after a four-day attempt to topple it on a closing basis. A close above this level is the key to any upside, otherwise consolidation phase to continue in the market as long as trading range of 8,820-8,785 remains intact.

NIFTY 3-Month

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