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Market Report

Thursday, 18-May-2017

NSE

  • Subdued global cues today halted the record-breaking rally of domestic equity market. The 30-share BSE Sensex tumbled 223.98 points, or -0.73 per cent down, to close at 30,434.79 today, while the NSE's Nifty50 index closed 96.30 points, or -1.01 per cent, down at 9,429.45 today. The broader markets underperformed benchmark indices with the S&P BSE Midcap index and S&P BSE Smallcap down -2% and -1.3% respectively.

  • Benchmark indices settled the day lower after record-breaking rallies in the last four sessions, amid negative global cues as political turmoil in the US dragged down global markets with uncertainty mounting over the Donald Trump regime in the US following reports that he tried to interfere with a federal investigation. The sentiment was also affected by a drop in rupee. It was trading at 6-week low of Rs 64.89/$ at one point.

  • The Nifty50 formed a 'Shooting Star' kind of bearish candle in today's session after a gap-down opening, a day after it had made a 'Hanging Man' kind of trend reversal pattern. The Nifty50 opened in the negative and fell more than 100 points towards 9,420 level. This has made the technical chart of the index look weak. The index closed below its five-day exponential moving average (EMA) of 9,455, a critical support, and now faces the next resistance at the 13-day EMA of 9,397. Selling pressure could drag the index towards 9,380 and 9,350 levels.

NIFTY 3-Month

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