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Market Report

Wednesday, 24-May-2017

NSE

  • Selling pressure in select heavyweight stocks made matters worse for the BSE Sensex, which ended up falling 63.61 points, or -0.21 per cent, to close at 30,301.64 today. Nifty50 dropped 25.60 points, or -0.27 per cent, to settle at 9,360.55 today. The midcap and smallcap indices were hit harder and cracked up to -1.5 per cent. Market breadth deteriorated, with roughly every four of five BSE-listed stocks ending lower for the day.

  • The domestic equity market settled in the red for the second straight session today on profit booking over geopolitical tensions, as investors turned cautious ahead of the F&O expiry of May series due tomorrow. A late selloff today dragged benchmark indices lower. While global setup was mixed, reports that monsoon may hit Kerala before May 30, failed to cheer sentiment.

  • The Nifty50 lost momentum midway through the session today and closed around the psychological mark of 9,350 ahead of the expiry of May series futures and options contracts. The index made a lower low for the third straight session and formed a bearish candle on the daily chart as it corrected towards the 9,340 level. The 50-pack index has thus fallen below its 13-day and 20-day exponential moving averages. Now, if the Nifty50 fails to sustain above 9,340 tomorrow, shorting opportunity shall arise with an initial target of 9,270.

NIFTY 3-Month

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