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Market Report

Friday, 31-Mar-2017


  • Snapping its three-session winning streak, benchmark Sensex fell 26.92 points, or -0.09 per cent, to end at 29,620.50 on the last trading day of 2016-17. The broad-based NSE Nifty ended flat at 9,173.75, with absolutely no change compared to yesterday's closing, after shuttling between 9,191.70 and 9,152.10 in intraday today.

  • However, both the indices ended FY17 with impressive gains of up to +18.55 per cent, mainly driven by robust foreign fund inflows and reform measures like the GST. On the technical front, weekly charts are suggesting pause in the ongoing momentum. No incremental gains are seen after the huge gap up opening witnessed by the markets as a reaction to election verdict. Now a close below the support level of 9,140 may trigger correction.

  • One does not usually get to see a benchmark index close dot flat in a trading session. Friday was one such day where Nifty50 settled the day at 9,173.75 with no-gain, no-loss and formed a pattern similar to 'Shooting Star' on its daily chart. Experts pointed that the index has been making higher highs and higher lows since the last four trading sessions, and holding above its support trend line by connecting the lows of 8,713, 8,903 and 9,024 levels. Oscillators are yet to confirm any weakness, they said.

NIFTY 3-Month

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