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Market Report

Wednesday, 15-Mar-2017

NSE

  • The 30-share BSE Sensex settled 44.52 points, or -0.15 per cent, down at 29398.11 today, while the 50-share NSE Nifty index closed 2.20 points, or -0.02 per cent, down at 9084.80 today. Benchmark equity indices, BSE Sensex and NSE Nifty, closed on a flat note today ahead of the US interest rate decision later in the day. Yesterday the Nifty50 had created a new closing high as well as a life-time high in intraday.

  • Although the market seems to have already priced in a rate hike by the US Fed, it seems to be in a wait-and-watch mode to check out the quantum of policy tightening that the Fed is seeking to embark upon. Markets will react to the US Fed stance in early trade tomorrow, which might trigger some profit taking. However, most experts are bullish on markets and suggest maintaining buy on dips approach.

  • The Nifty50 inched lower today to form a 'Doji' pattern for the second day in a row as it traded in a small range of 30 points, ahead of the US Federal Reserve policy meet outcome. While some analysts called it a 'time-wise correction' after big gains yesterday, others called it a consolidation phase that would change course only if the index trades sustainably higher than the 9,119 level in the near future. Overall, the index has been forming higher tops and higher bottoms on the weekly charts and supports are shifting higher. Now, the immediate positive trend is likely to remain intact till it holds above the psychological mark of 9,000.

NIFTY 3-Month

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