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Market Report

Friday, 19-May-2017

NSE

  • The 30-share BSE Sensex closed 30.13 points, just +0.10 per cent, in the positive at 30,464.92 today, while NSE's Nifty index settled 1.55 points, or 0.02 per cent, down at 9,427.90 today, below the psychological level of 9,500. The market closed so flat that one index closed in the green while the other in red. Initial gains pushed by the GST Council finalising rates for most goods were mostly offset by profit booking in the second half of trade.

  • Benchmark indices scuttled between gains and losses to finally settle the day flat as the 2-day GST Council meet ends where rates for various goods and services were decided. Government announced tax slabs and cesses on 1,211 items under four tax slabs for services at 5 per cent, 12 per cent, 18 per cent and 28 per cent. Most of the services would be taxed at the rate of 18% under the new GST regime.

  • The Nifty50 index opened in the positive but failed to hold above 9,500 and witnessed a decline of around 100 points from the day's high. However, the index recovered from the day's low and finally closed flattish. In the process, the index formed a pattern similar to the 'Spinning Top' on the daily chart and a 'Doji' on the weekly chart. The occurrence of multiple reversal candles is sending out warning signals on an immediate basis. If it sustains below 9,450, then the weakness could drag the index towards 9,380 and 9,350 levels, while on the upside, hurdles are seen at 9,480 and 9,500 levels.

NIFTY 3-Month

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