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Market Report

Monday, 20-Feb-2017

NSE

  • The 30-share Sensex index closed 192.88 points, or +0.68 per cent, higher at 28,661.58 today, while the 50-share Nifty gained 57.50 points, or +0.65 per cent, to close at 8,879.20 today. Traders were seen piling up positions in metals, information technology, telecom, power and real estate stocks.

  • Equity benchmarks Sensex and Nifty50 extended their gains for the third straight session on account of buying in selected blue chip stocks amid mixed global cues. There was a sharp rally in information technology, telecom and metal stocks. 35 stocks advanced in the Nifty50 index, while 16 stocks ended the day in the red.

  • The Nifty50 climbed for a third straight session on Monday and formed a 'Strong Bull' candlestick pattern on the daily chart, suggesting that the bulls are back on the Street. While this kind of a bullish bias may continue for some more sessions, the indices are fast approaching the critical resistance levels placed around the 9,000 mark. Experts recommend traders to ride this rally with cautious optimism till signs of reversal are visible, as the risk-reward ratio is not favouring the bulls at current level. Fresh longs may be created with a stop loss at 8,750 for a target of 8,935-8,970 in the near term.

NIFTY 3-Month

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