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Market Report

Monday, 27-Mar-2017

NSE

  • The domestic equity benchmarks closed in the red today following weak global cues. The 30-share BSE Sensex shed 184.25 points, or -0.63 per cent, to end the day at 29,237.15 today, while the 50-share NSE Nifty settled 62.80 points, or -0.69 per cent, down at 9,045.20 today.

  • Benchmarks indices settled the day lower with the Nifty breaking 9,050 level dragged by fall in IT and pharma stocks on strong rupee. A weak monsoon forecast also affected the sentiment. Skymet Weather predicted that monsoon 2017 would be below normal with error margin of plus and minus 5%. Market sentiment was also hit after US President Donald Trump failed to get a healthcare reform cleared by the US Parliament, raising doubts over his ability to push his agenda.

  • Nifty50 dropped below the 9,050 level today and made a bearish pattern, similar to 'Bearish Belt Hold' on the daily chart, with the NSE benchmark witnessing persistent selling pressure throughout the session. What hurt the most, was the loss of the index's crucial 13-EMA. However, analysts say, a recovery from here on cannot be ruled out ahead of the F&O expiry on Thursday. The immediate support for Nifty50 is now seen at the 9,020 level. This is the same level around which the index double bottomed in today's trade.

NIFTY 3-Month

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