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Market Report

Tuesday, 11-July-2017

NSE

  • The S&P BSE Sensex ended at new closing high of 31,747.09 today, up 31.45 points, or +0.10 per cent. The Nifty50 also achieved a new milestone by closing at a new high of 9,786.05 today, up 15.00 points, or +0.15 per cent. In intra-day, the Sensex rose as much as 170 points to hit the record high of 31,885.11, surpassing its previous milestone of 31768.39 hit yesterday while Nifty gained as much as 59 points to hit 9,830.05, surpassing the last high of 9,782.15 hit yesterday. Sentiment was upbeat in the first half and the Nifty scaled above 9,800 mark and the Sensex zoomed past 31,800, thanks to the firm global markets and further rebound in the IT majors. However, they failed to hold onto the gains as profit taking at higher levels in the latter half trimmed intraday gains and pushed the Nifty below 9,800.

  • Frontline indices pared intra-day gains to end flat but still at new closing highs for the second consecutive day. Nifty50 breached 9,800 for the first time ever in intra-day backed by surge in technology and auto stocks. Sentiment was also lifted as investors expect inflation for the month of June to be at record low which could lead to a rate cut in the next monetary policy review. Easing further from May's 2.18%, Consumer price inflation for June is predicted to cool to 1.70%, below the RBI's medium-term target of 4% for the eighth successive month, according to a Reuters poll. The CPI will be announced tomorrow, during the day.

  • The Nifty50 opened in the positive and made a new lifetime high today. It formed a 'Shooting Star' candle pattern on the daily chart, suggesting uneasiness among traders at higher levels of the indices. Analysts pointed out that even the advance-decline ratio was skewed in favour of the bears as the Nifty failed to hold most of the gains and corrected by around 50 points from higher levels. It has been making higher lows from last seven sessions. If it negates this formation, then it could trigger a small bout of profit booking, dragging the market towards its next support at 9,750 and 9,709 levels. You can expect the market to come under pressure on Wednesday if the Nifty50 trades below 9,778 at least for the first hour of trading. On the upside, a decisive hold or a close above 9,800 can extend the rally towards 9,850 and 9,900 levels.

NIFTY 3-Month

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