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Market Report

Wednesday, 29-Mar-2017

NSE

  • Benchmark equity indices ended higher today ahead of F&O expiry on Thursday. The 30-share BSE Sensex closed 121.91 points or +0.41 per cent up at 29,531.43 today, while the 50-share NSE Nifty index closed 43.00 points, or +0.47 per cent, up at 9,143.80 today.

  • Benchmark indices settled the day higher with the Nifty settling near 9,150-mark led by banking stocks and short coverings. While strong foreign investments lifted the sentiment, broader gains were capped ahead of March F&O series expiry. Finance Minister Arun Jaitley also tabled GST bills in Lok Sabha for consideration today. Speaking in the Lower House, the FM said GST will ensure free movement of goods across the country.

  • Considering it was just a day ahead of March F&O expiry, a 44-point range for Nifty50 today was unusual. The Nifty50 ended the day making a real green body for a second session in a row, forming a pattern similar to 'Spinning Top' on the daily chart. This candle is often regarded as a neutral pattern, which suggests indecisiveness among the bulls and the bears. Market analyst believes that Nifty50 needs to hold above 9,075 to extend its upmove towards its lifetime high of 9,218, whereas 9,075 and 9,020 may now emerge as good support level in the short term.

NIFTY 3-Month

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