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Market Report

Wednesday, 19-July-2017

NSE

  • A day after logging biggest fall in eight months, the domestic equity market made a smart recovery today, thanks to the rise in shares of Reliance Industries and ITC on low level buying. BSE Sensex ended the session up 244.36 points or +0.77 per cent at 31,955.35 today, while Nifty50 ended 72.45 points or +0.74 per cent up at 9,899.60 today with 41 components ending in the green and rest in the red. The Nifty index reclaimed the crucial 9,900 mark in intraday in the last hour of trade.

  • A Reuters poll showed that India will reclaim its position as the fastest growing major global economy this year, partly propelled by benefits from Goods and Service Tax (GST) regime and bolstered by an expected interest rate cut by RBI in its next policy meeting in August. India's annual retail inflation eased to 1.54% in June, its slowest pace in more than five years, but is expected to begin rising again through to mid-2018.

  • The Nifty50 index opened in the positive and witnessed buying interest towards the end of the session. The index kissed the 9,900 level on a closing basis, and in the process, breached its five-day exponential moving average. It formed a Bullish Belt Hold candle on the daily chart and saw the second highest daily close near the 9,900 mark. It seems the bulls moved Nifty back above its rising support trend line and now a decisive hold above 9,900 could extend its upmove towards the recent lifetime high of 9,928 and then the 10,000 mark. On the downside, it has support at 9,850 and then 9,800 levels.

NIFTY 3-Month

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