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Market Report

Friday, 23-June-2017


  • The S&P BSE Sensex lost 152.53 points, or -0.49 per cent, to end the session at 31,138.21 today. The Nifty50 closed the session 55.05 points, or -0.57 per cent, lower at 9,574.95 today as investors booked profits in financials and auto stocks for the second day in a row. Negative trend in European and Asian markets also impacted the sentiment.

  • Domestic equity indices ended the week on a tepid note as investors lightened their positions ahead of a long weekend. Sliding for the fourth session in a row, the Nifty50 hit a one-month closing low to settle below the 9,600 level today. The 50-pack index was at a kissing distance of 9,700 in the previous session and it could not even defend the 9,600 mark today. It had last closed at 9,509.75 on May 25, 2017. The Nifty formed a Shooting Star pattern on the weekly chart, which has a bearish implication if follow-up happens next week.

  • The Nifty50 index formed a bearish candle similar to the Bearish Belt Hold pattern on the daily chart, as it witnessed sustained selling pressure for most part of the session. The index saw the lowest daily close in last 21 sessions. Overall, the index has been consolidating between 9,560 and 9,700 levels in last 19 sessions. Now a decisive range breakout can trigger a fresh leg of rally. If it sustains below 9,580, it could decline towards 9,520 and then 9,480 level while holding above 9,620 levels could trigger a bounce in the Nifty50 towards the 9,680-9,700 zone.

NIFTY 3-Month

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