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Market Report

Tuesday, 21-Mar-2017

NSE

  • The 30-share BSE Sensex closed 33.29 points, or -0.11 per cent, down at 29,485.45 today, while the 50-share NSE Nifty index settled 5.35 points, or -0.06 per cent down at 9,121.50 today. Domestic equity indices extended their fall to a second straight day after lingering concerns from the regulator USFDA triggered selling in pharma stocks. Meanwhile, banking stock took a hit after a downgrade from global investment firm Morgan Stanley.

  • The Nifty50 index formed a small bearish candle similar to a 'Bearish Belt Hold' pattern on the daily chart. It failed to hold above the 9,160 mark, but was finding support near the previous lifetime high of 9,119. The index also formed a Hammer candle, as it recovered most of its intraday losses and closed with marginal loss of only 5 points. A Hammer candle after the profit booking of last two sessions indicates that the bulls are back and any decline is being bought into in this market.

  • The pattern itself does not indicate supremacy of the bulls, but suggests that they are still in the race. The index has now filled the gap area between 9,128 and 9,106 level, which had been formed on March 16. The index has to surpass its immediate hurdle in the 9,150-9,160 zone to witness a fresh upward move towards its lifetime high of 9,218 and then 9,250. Downside support is seen at 9,075, analysts said.

NIFTY 3-Month

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