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Market Report

Friday, 26-May-2017

NSE

  • Settling at a fresh closing high, the 30-share Sensex ended at 31,028.21 today, up 278.18 points, or +0.90 per cent. The index was up +1.8 per cent for the week. On similar lines, Nifty50 also ended at new peak of 9,595.10 today, up 85.35 points, or +0.90 per cent, with a weekly gain of +1.7 per cent.

  • Benchmark BSE Sensex surpassed the psychological level of 31,000 for the first time ever, while NSE Nifty index crossed the 9,600 mark in trade today. Both indexes created life-time intraday highs today displaying a steady upside throughout the day. Higher derivatives rollover yesterday led to strong follow-up buying in index heavyweights on the first day of June series. Market experts believe sustained buying by foreign portfolio investors are supporting market sentiment.

  • Bulls were unstoppable as they beat bears hands down, helping the NSE benchmark Nifty50 zip past the 9,600 level in today's trade. While the index could not close above the psychological level, it ended up making a strong bullish candle on the daily chart. Analysts noted that the index broke out above its two-month old ascending channel and any follow up buying may push it up further. Now supports are shifting higher and till the index holds above 9,520, this rally could extend to 9,650 and 9,700 levels. Supports are at 9,480 and 9,450 levels.

NIFTY 3-Month

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