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Market Report

Monday, 20-Mar-2017


  • After days of frenetic buying, the investors on Dalal Street were seen booking profit today. The NSE benchmark Nifty50 witnessed relentless selling as the index closed the day at 9,126.85, down 33.20 points, or -0.36 per cent. This was just a few points above its five-Day moving average of 9,122. Meanwhile, the BSE barometer Sensex shed 130.25 points, or -0.44 per cent, to close at 29,518.74 today.

  • Snapping the three-session long gaining spree, the benchmark indices settled the day lower tracking muted trend seen in Asian markets, while back home losses in Idea Cellular pulled the Nifty index down. Our market took a breather today after the Nifty50 scaled an all-time high last week, as software services exporters came under pressure on worries over a stronger rupee and a slowdown in business. But the overall market sentiment remained positive on hope for additional economic reforms from the government, including implementation of GST.

  • The Nifty50 today closed just above its five-day moving average (DMA) of 9,122 and its immediate support of 9,119 which was also the previous all-time high level for the index. In the process, it formed a pattern similar to 'Bearish Belt Hold' on the daily chart. This chart pattern signals a reversal in trader sentiment to bearish from bullish. Today's correction is likely to get extended for a couple of days more and test the gap zone between 9,060 and 8,975 levels formed on March 14 in reaction to the election verdict. Now, the Nifty50 has to hold above 9,119 to witness an upward move towards 9,218 and 9,250 levels. On the downside, support exists at 9,075 and 9,000 levels.

NIFTY 3-Month

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