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Market Report

Thursday, 20-Apr-2017

NSE

  • The 50-share Nifty closed 32.90 points, or +0.36 per cent, higher at 9,136.40 today, while the 30-share BSE Sensex gained 85.82 points, or +0.29 per cent to close at 29,422.39 today. Low-level buying coupled with sustained inflows from domestic institutional investors helped the benchmark Nifty index snap a five-day losing streak today, while recovery in Asian and European markets also contributed to the gains.

  • The Nifty50 index negated the process of making lower lows of last nine sessions and formed a Bullish Candle on the daily candlestick chart. Recently, it formed a short-term bottom at 9,075 with the occurrence of a Bullish Hammer pattern. Now if it holds above 9,135, it could continue attracting support-based buying interest in the 9,218-9,250 zone, while on the downside, supports are seen at 9,090 and then 9,050 levels, say experts.

  • The Nifty50 today snapped a five-day losing streak and formed a 'Small Bullish' candle on the daily chart, indicating that the bulls might have secured a bottom for the near future. A positive close with a very favourable advance-decline ratio after the Hammer formation in the previous trading session certainly suggests that the bottoming out process is on. But a critical test for the bulls lies in conquering the highs of 9,218 on a closing basis, say chart specialists.

NIFTY 3-Month

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