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Market Report

Tuesday, 25-July-2017

NSE

  • The 30-share BSE Sensex settled 17.60 points, or -0.05 per cent, down at 32,228.27 today, while NSE Nifty index closed just 1.85 points, or -0.02 per cent, down at 9,964.55 today. The Nifty made a new lifetime intraday high of 10,011.30 today. Our market traded rangebound the whole day and ended with marginal losses.

  • The benchmark indices settled in red after the Nifty50 hit its crucial 10,000 mark for the first time ever as hopes for improving earnings, accelerating economic growth and government reforms boosted investors' confidence. Overseas, the dollar sagged to a more than one-year low and European stocks climbed today, as investors bet that subdued US inflation and political strains in Washington would limit Federal Reserve interest rate moves for the rest of the year.

  • The Nifty50 index opened in the positive above the 10k mark, but failed to hold the opening gains and corrected towards the 9,950 mark. The index made a Bearish Belt Hold candle on the daily chart, which suggests it is not an easy or smooth ride for the bulls even after hitting the five-digit mark. The Nifty50 has been forming higher tops and higher bottoms for last seven months and has rallied around 22 per cent. It is up around 4.66 per cent this month and holding above the historical 10,000 mark could even trigger a short-covering rally. Major market trend is positive and the index has to continue to hold above the 9,928 mark to witness a bounce towards the 10,011 and 10,050 marks, while on the downside, supports are seen at 9,880 and 9,850 levels.

NIFTY 3-Month

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