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Market Report

Thursday, 22-June-2017

NSE

  • The S&P BSE Sensex gained 7.10 points, or +0.02 per cent, to end the session at 31,290.74 today. The Nifty50 closed the session 3.60 points, or -0.04 per cent, lower at 9,630.00 today with 29 constituents ending in the red. In intraday trade, the 30-share Sensex had rallied as much as 239 points to hit its all-time high of 31522.87, while the 50-share Nifty had risen as much as 65 points to 9698.85, 10 points away from its lifetime high of 9,709, hit on June 6.

  • The benchmark S&P BSE Sensex pared most of its gains to end flat after logging its fresh high today as investors booked profits in recent outperformers, while negative opening in european markets also impacted sentiment. The benchmark indices had recorded smart gains in intraday trade as steps taken by the market regulator Sebi to attract more investments and tackle massive bad loans of banks boosted sentiment.

  • The Nifty50 index formed a Shooting Star candle on the daily chart today as it failed to surpass the strong resistance around 9,700 zone and corrected sharply in the second half of the session. The chart pattern show that market participants used the gains to lighten positions, suggesting a lack of conviction at higher levels. The Nifty failed to see range breakout and again got stuck in a broader trading range, as it consolidated between 9,560 and 9,700 levels in last 17 sessions. Now, it has to see a decisive breakout of the recent trading band for the next leg of the rally. From a short-term point of view, it has immediate support at 9,580 and 9,550, while resistance levels are seen in the 9,680-9,700 zone.

NIFTY 3-Month

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