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Market Report

Friday, 28-Apr-2017

NSE

  • BSE benchmark Sensex shed 111.34 points, or -0.37 per cent, to settle below its milestone the 30,000-mark at 29,918.40 today. The broader Nifty50 of National Stock Exchange shed 38.10 points, or -0.41 per cent, but closed above the 9,300 level, at 9,304.05 today, with 28 constituents in the green. In the midcap space, the BSE Midcap ended 26 points higher at 14,798.45 today.

  • On the weekly scale, the indexes posted their biggest weekly gain in six weeks. The Nifty50 saw a consolidation breakout above 9,273 and registered a fresh high of 9,367. The overall trend of the index is positive, but a pause in the momentum after the swift run of 250 points is not giving a better risk-reward for fresh long positions.

  • The Nifty50 index remained under pressure for most part of the session due to profit taking at higher levels, and finally ended the day with the loss of around 35 points, just above the 9,300 level. It has negated its formation of higher highs and higher lows of last five sessions and formed a Bearish Candle on the daily chart. Now, holding below 9,280 could attract drag Nifty50 towards 9,191, while on the upside multiple hurdles are seen in the 9,350-9,380 zone.

NIFTY 3-Month

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