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Market Report

Monday, 17-July-2017


  • Keeping the momentum intact, domestic equity indices closed at fresh record highs today amid strong global cues and remarkable comeback of some of the battered stocks. The S&P BSE Sensex gained 54.03 points, or +0.17 per cent, to close at a fresh lifetime closing high of 32,074.78 today. The 30-share pack, which opened at 32,053 against Friday's close of 32,020, witnessed a 95-point swing in intraday trade. NSE's Nifty closed above the 9,900 level for the first time at 9,915.95 today, higher by 29.60 points, or +0.30 per cent, with 40 components ending in the green and 11 in the red. The Nifty Bank index scaled a fresh record high of 24,015.

  • The market settled today's trade at record highs thanks to strong gains in IT counters such as Infosys and Wipro. Index heavyweight Reliance Industries, crossing the Rs 5 lakh crore market capitalisation for the first time ever, added to the gains, while ITC, dropping over -4% on speculations of an expected hike in cess by GST Council. In intraday trade, the S&P BSE Sensex and Nifty50 logged their fresh lifetime highs of 32,131.92 and 9,928.20 respectively. Meanwhile, Asian markets set a fresh two-year high, boosted by stronger-than-expected economic growth in China and bets that lacklustre US data will keep the US Federal Reserve cautious about the pace of further policy tightening.

  • The Nifty50 on Monday closed above the 9,000 level for the first time ever, and made a new lifetime high of 9,928. The index could not breach the upper limit of the key area between 9,000 and 9,940 that analysts are talking about for a while, and traded in a small trading range of 33 points. In the process, the index made a Small Bull Candle on the day chart, which resembled a Doji pattern, suggesting indecisiveness among the market participants. Now it has to continue to hold above 9,900 level in order to see further upside towards 9,950-10,000 zone, while on the downside supports are seen at strike price 9,850 and then 9,820. However, the rally from the lows of 9,448 is signalling that it could later trigger a bigger correction, as per Elliot Wave theory.

NIFTY 3-Month

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