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Market Report

Thursday, 23-Mar-2017

NSE

  • Benchmark equity indices BSE Sensex and NSE Nifty snapped a three-day losing streak today on firm global cues. The 30-share Sensex settled 164.48 points, or +0.56 per cent, higher at 29,332.16 today, while the 50-share Nifty50 closed 55.85 points, or +0.62 per cent, up at 9,086.30 today with energy shares leading the gains while financial and auto shares bounced back. Positive trade in Asian markets just before a vote in the US Congress on US President Donald Trump's GOP healthcare bill also contributed to the gains.

  • The Nifty50 index opened in the positive territory and formed a strong bullish candle on daily chart as it took support at its 13 EMA and headed towards the 9,100 mark. In the process, the index has negated its formation of lower highs and lower lows of the previous three sessions. If the index now holds above the 9,075 level, it could extend the momentum towards the 9,160 level while on the downside supports are seen at strike prices 9,050 and 9,020.

  • A large green real candle, absence of lower wick and a small upper wick confirmed that the Nifty50 formed a 'Bullish Belt Hold' pattern on the daily chart today, suggesting that the positive sentiment may continue going ahead. An 'Inverted Hammer' like pattern yesterday had hinted at a trend reversal and the bullish candle today only supported that view. Experts noted that the index not only closed above the 13-day exponential moving average (EMA), but also filled the downside gap zone of 9,087-9,073 of Wednesday. It suggests that the immediate bottom for Nifty50 might have been formed at 9,019. Only time will tell whether that is correct.

NIFTY 3-Month

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