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Market Report

Tuesday, 25-Apr-2017

NSE

  • The Nifty50 index of NSE closed 88.65 points, or +0.96 per cent, higher at 9,306.60 today, while the 30-share BSE Sensex settled 287.40 points, or +0.97 per cent, up at 29,943.24 today. The Nifty50 index crossed the psychologically important 9,300 level for the first time today fuelled by a rally in blue-chip counters on upbeat earnings. Positive Asian cues and higher opening in European markets added to the momentum.

  • Riding on relief rally from French elections and optimistic quarterly earnings, Nifty50 ended the day at a fresh closing high. Nifty50 today breached 9,300-level for the first time ever rising to fresh record intraday high of 9,309.20 surpassing the previous peak of 9273.90 set on April 5, rising over 13% year-to-date. Nifty Bank too created history as it breached the 22,000-mark for the first time ever, settling at 22,054.70, up 197 points.

  • Continuing its terrific run, with the five-day EMA already crossing the 13-day EMA, and the MACD line set to breach the signal line, some more upside cannot be ruled out for the Nifty. Experts say the formation of a bullish candle on the daily chart, following a 230-odd points rally from the intraday low of 9,075 hit on April 19 suggest there could be more leg to the ongoing rally. Having held above 9,250, the Nifty50 can extend its uptrend towards the 9,350-9,380 zone. On the downside, supports are seen at 9,218 and 9,191 levels.

NIFTY 3-Month

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