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Market Report

Thursday, 16-Mar-2017

NSE

  • Supported by firm global cues, a strong rupee and buying in metal, auto and IT stocks, NSE benchmark Nifty50 hit a fresh all-time high today, closing 68.90 points, or +0.76 per cent, higher at 9,153.70 today, ending above the 9,100 mark for the first time ever, while the 30-share BSE Sensex settled 187.74 points, or +0.64 per cent, up at 29,585.85 today.

  • The Nifty50 index hit a fresh record high at close and the rupee also rose to its strongest level in nearly 17 months today after the US Federal Reserve raised interest rates by 25 basis points but sounded less hawkish than expected on future rate hike path. The Nifty index rose around 74 points in intraday to 9,158.45, surpassing its previous all-time high of 9,122.75 hit two days ago, post BJP's UP election victory. The S&P BSE Sensex, on the other hand, gained 217 points in intraday trade to a high of 29614.79 about 439 points away from its lifetime high of 30,025.

  • After making indecisive 'Doji' pattern for two straight sessions, Nifty50 today formed a pattern similar to a bullish 'Marubozu', which in Japanese means bald head, meaning, the index has large real body but no wicks as the opening was the day's low and at closing, the index was at the session's high. The MACD line has clearly breached signal line from below, sending a bullish signal. Supports are shifting higher from 9,000 to 9,075 on immediate basis. Market trend is positive till it remains above psychological 9,000 zones, and once intraday trading range expands for the Nifty50, the index could register fresh breakout for the next target of 9,250 level, say experts.

NIFTY 3-Month

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