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Market Report

Thursday, 23-Feb-2017


  • NSE Nifty index hit its fresh 52-week high of 8,982.15 before settling 12.60 points, or +0.14 per cent, higher at 8,939.50 on account of some buying by institutional investors amid expiry of derivative contracts. The BSE Sensex hit mount 29,000 in the mid-session before paring most of the day's gains in the last hour of trade to close 28.26 points, or +0.10 per cent, up at 28,892.97 today. The index again hit a fresh 5-month high today.

  • Technical set up is completely favouring bears at this juncture as a number of sell signals on lower time frame charts is increasing. But as liquidity is still favouring the bulls, experts advise traders not to get carried away by gains, but to ride it with lot of caution and wait for confirmation of clear-cut reversal signs, which looks inevitable sooner than later.

  • The Nifty50 today took its winning streak to a sixth straight session and hit its 52-week high during the day. But it could not close above the 8,950 mark. The index settled below its opening level and saw good buying through the day, before giving away gains as profit booking was trigerred once the 52-week high was hit. While no clear candlestick pattern was visible on the chart at close, a narrow range body for the day after a 'Doji' formation on Wednesday showed the index just kept the positive momentum going. Analysts are not expecting much upside for the index unless something concrete happens on the technical front. Technical charts are favouring bears now, they said.

NIFTY 3-Month

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