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Market Report

Tuesday, 21-Feb-2017


  • The 30-share BSE Sensex closed 100.01 points, or +0.35 per cent, higher at 28,761.59 while the 50-share NSE Nifty50 index settled 28.65 points, or +0.32 per cent, up at 8,907.85 today. In the Nifty50 pack, 31 stocks ended the day in the green, while 20 stocks closed in the red.

  • The Nifty50 index continued its positive move for the fourth consecutive session and hit a fresh four-month high of 8,920.80 today. It continued its higher top-higher bottom formation but respected its major support trend line that connects the bottoms of 7,893 and 8,327 levels. Consumer Durables, oil & gas, banking and finance stocks contributed to the gains.

  • The index formed a 'Bullish Candle' on the daily chart even as supports shifted higher to 8,850 level. Till it holds above the 8,850 level, this rally may extend towards 8,968 and 9,000 levels, while on the downside, multiple supports exit near the 8,820 mark. A breach below 8,850 would be seen as negative a signal. Some experts are not very positive, and said that even as the short-term trend are positively-biased, this rally may not last long as technical picture on some weekly indicators is suggesting exhaustion of the upmove.

NIFTY 3-Month

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