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Market Report

Monday, 27-Feb-2017

NSE

  • The 30-share Sensex closed 80.09 points, or -0.28 per cent, down at 28,812.88 today, snapping a six-day winning streak. The 50-share Nifty50 closed 42.80 points, or -0.48 per cent, down at 8,896.70 today. The undercurrent of the market is bullish, but global cues seem to be hinting at some weakness ahead on US President Donald Trump's address to a joint session of Congress on Tuesday night.

  • The benchmark indices extended losses to settle the day lower as investors remained on the sidelines as profit booking in the last hour of trade forced benchmark equity indices to snap their six-day gaining streak today. The Nifty had hit a fresh 52-week high of 8,982.15 last Friday. The India VIX was up 2.4% at 13.72 today, indicating trader indecisiveness at current levels.

  • Even as the market rose for six consecutive trading sessions till Thursday, bulls failed to keep the upper hand. The trend continued today when the Nifty50 snapped its winning streak and formed a 'Small Bear' pattern on the daily chart, suggesting the prevailing indecisiveness among market participants at higher levels is making them sell shares. The Nifty50 opened on a flat note and remained positive in the early trade, but at close the Nifty50 was below 8,900 level, which was exactly at its five-day exponential moving average of 8,896. A level below 8,890 may call for further selling pressure, say experts.

NIFTY 3-Month

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