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Market Report

Friday, 24-Mar-2017


  • Equity benchmarks advanced for the second straight session today on buying in banking stocks amid firm Asian cues. The 30-share BSE Sensex closed 89.24 points, or +0.30 per cent, higher at 29,421.40 today, while the 50-share NSE Nifty index settled 21.70 points, or +0.24 per cent, up at 9,108.00 today. Shares of public sector banks rose by up to +4.26 per cent today after Finance Minister Arun Jaitley promised a solution to the growing NPA problem within next few days.

  • The Nifty50 index opened in the positive today but failed to continue the momentum. Recently, it took support at its 13 DEMA and formed a bottom near 9,020 level. Now, it has to continue to hold above the 9,075 mark to witness buying interest around 9,160 and 9,218 levels, while on the downside, the 9,020-9,000 zone is likely to act as a major support.

  • Nifty50 reclaimed the 9,100 level on a closing basis today, but formed a 'Doji' pattern on daily chart, suggesting continued indecisiveness among market participants amid lack of global cues. On a weekly basis, the situation did not change much as the index formed a bearish candlestick called 'Hanging Man', which hints at the end to the prevailing uptrend. Analysts are cautiously optimistic on the market. They advised investors to use declines to make fresh longs.

NIFTY 3-Month

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