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Market Report

Wednesday, 28-June-2017

NSE

  • The BSE Sensex closed 123.93 points, or -0.40 per cent, down at 30,834.32 today, while NSE Nifty index settled 20.15 points, or -0.21 per cent, down at 9,491.25 today with Tata Steel being the top gainer and Reliance Industries the worst laggard. The Nifty50 has seen the lowest daily close in last 23 trading sessions.

  • The Nifty50 index continued to see selling pressure for the sixth consecutive session, but managed to respect the previous day's low of 9,473 and traded in a comparatively smaller range. Gripped by a host of factors including RBI's diktat to banks on bad loan provisioning, uncertainty on GST implementation on July 1, 2017, and the upcoming F&O expiry for June series tomorrow, the domestic equity market continued to be in a state of nervousness on second trading session of the week.

  • The Nifty50 today completed its longest losing streak this year by falling for the sixth session in a row, as the 50-pack index ended the day below the 9,500 mark, which is a level it had last tested on May 24. The index formed a small bearish candle on the daily chart after moving in a narrow range. Analysts said since the NSE barometer respected Tuesday's low of 9,473, it could be taken as a positive development. Besides, the index is almost trading close to its 50-day EMA, whose value for next day is placed at 9,460. Hence, a bounce up from its immediate support zone of 9,460 and 9,437 cannot be ruled out. A clear sign of strength will emerge only on a close above 9,615 say experts.

NIFTY 3-Month

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