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Market Report

Friday, 17-Feb-2017

NSE

  • The 30-share Sensex closed 167.48 points, or +0.59 per cent, up at 28,468.75 today, while the 50-share Nifty index settled 43.70 points, or +0.50 per cent, up at 8,821.70 today.

  • Indian equities hit a five-month high today, fuelled by surge in banking stocks after heavyweight HDFC Bank zoomed to all-time peak during the day. Buying was also seen in select pharmaceutical and auto stocks.

  • Nifty50 climbed half a per cent today, but what took away sheen from the index gains was the fact that despite a strong day, the 50-pack index could not close above its opening level, suggesting lack of conviction among bulls at higher levels. On weekly charts too, the index registered an indecisive formation 'Long Legged Doji'. The pattern is neutral and indicates that neither the bulls nor the bears were able to regain control on Dalal Street, which suggests that a shift in trend could be in the offing. This pattern has now been observed for the last two consecutive weeks, which confirms that the market lacks momentum for substantial upmove from current levels, say analysts.

NIFTY 3-Month

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