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Market Report

Tuesday, 23-May-2017

NSE

  • The domestic equity market closed in the red today amid selling pressure in late afternoon trade after the Indian Army claimed it had retaliated cross-border firing and destroyed several Pakistan Army post. The 30-share BSE Sensex closed 205.72 points, or -0.67 per cent, down at 30,365.25 today, while the NSE Nifty50 settled 52.10 points, or -0.55 per cent, down at 9,386.15 today.

  • BSE benchmark Sensex cracked over 100 points in minutes, while the NSE's barometer Nifty50 slipped below the psychological mark of 9,400 after the Indian Army claimed it had retaliated to Pakistan's firing and destroyed several Pakistan Army post. Midcap and Smallcap indices fared worse and plunged up to -1.8 per cent. In line with the broader bearish trend, many stocks slipped up to -25 per cent on the day.

  • The Nifty50 lost its psychological support level at 9,400 after the Indian Army claimed it had retaliated Pakistan's attempt to push terrorists and destroyed several Pakistani Army posts. A crack in the index in the last hour of trade made the bulls concede defeat at the hands of the bears. The Nifty50 formed a bearish candle similar to a 'Bearish Belt Hold' pattern on the daily chart and broke the previous week's low of 9,390. If it sustains below 9,380 level, selling pressure may drag the index towards 9,350-9,320 and then to 9270 level. For the time being, the upside looks capped.

NIFTY 3-Month

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