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Market Report

Monday, 29-May-2017

NSE

  • Equity benchmarks BSE Sensex and NSE Nifty extended their gains for the third straight session today, on hopes of timely arrival of southwest monsoon rains. The 30-share BSE Sensex closed 81.07 points, or +0.26 per cent, higher at 31,109.28 today, while the Nifty50 settled 9.80 points, or +0.10 per cent, up at 9,604.90 today with 25 constituents ending the day in the green.

  • The benchmark equity indices opened today's session in the red and then swung wildly between gains and losses, before closing at a fresh lifetime high amid heavy selling on the realty and healthcare counters, while the midcap and smallcap indices snapped two-session long rally to finish lower. In intraday trade, the 30-share Sensex rallied as much as 186 points to hit its all-time high of 31,214.39, while the broader 50-share Nifty gained 42 points to touch its lifetime high of 9,637.75 today. In the broader market, the S&P BSE Midcap and the S&P BSE Smallcap indices shed -1% and -1.5%, respectively.

  • The Nifty50 rebounded from the day's low to hit a record high today. The index formed a higher high and higher low for the third session and made a bullish candlestick pattern, similar to 'three white soldiers' on the daily chart as it marched ahead into an uncharted territory with three consecutive positive closes. However, momentum oscillators are in deep overbought levels. Now, the Nifty has to hold above 9,550 level to extend the upmove towards 9,650 and 9,700 levels. On the downside, supports are seen at 9,520 and 9,480 levels.

NIFTY 3-Month

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