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Market Report

Wednesday, 22-Feb-2017

NSE

  • The S&P BSE Sensex ended the day in the green after it opened at 28,822 against the previous close of 28,761, hit an intraday high of 28,963 and low of 28,789, before ending the day at 28,864.71, up 103.12 points, or +0.36 per cent. The 50-share index of the NSE crossed the crucial psychological level of 8,950 for the first time since September 8, 2016, as it closed 19.05 points, or +0.21 per cent, higher at 8,926.90 today, driven mainly by a spectacular rally in the shares of Reliance Industries.

  • Today marked the fifth consecutive day of gain for the Nifty50, but the rally so far has been fuelled by stock-specific actions rather than broader bullish sentiment. This was confirmed when the Nifty50 retreated from the day's high of 8,960.75, which was mere 7 points away from the 52-week high of 8,968.70 on news that US President Trump has hardened immigration rules for which 3 lakh Indian-Americans may be affected.

  • The Nifty formed a 'Doji' pattern on daily chart today, suggesting indecisiveness among traders, ahead of the expiry of February series futures and options contracts due tomorrow. It has failed to surpass its 52-week high of 8,968. Overall, the immediate trend may remain positive as long as it does not break its trend line support at the 8,820 level. Now it has to hold above the 8,888 level to extend its upward move towards 8,968 and 9,000 levels, while on the downside supports are seen at 8,850 and 8,820 levels.

NIFTY 3-Month

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