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Market Report

Wednesday, 26-July-2017

NSE

  • Histoy was created in our stock markets today as the NSE Nifty index closed 56.10 points, or +0.56 per cent, up at 10,020.65 while the BSE Sensex settled 154.19 points, or +0.48 per cent, up at 32382.46 today. Among the 51-components in the Nifty index, 30 stocks ended in green. Overall, market sentiment remained upbeat on better than expected financial results amid some short coverings ahead of derivative expiry of July series tomorrow.

  • It was an iconic day for bulls on Dalal Street, as the NSE benchmark Nifty50 closed the day above the magical 10,000 mark for the first time ever. The Sensex, too, ended at fresh closing high for the day led mainly by gains in metal and pharma stocks. The Nifty has been on a constant rise since March last year and has risen nearly +22 per cent in 2017, thanks to strengthening economic conditions and a slew of reforms undertaken by Narendra Modi government. The index managed to keep its rally going despite two major economy-wide disruptions in the form of cash ban in November last year and rollout of GST from July 1.

  • The Nifty index opened positive today and made a new record life time high of 10,025.95 displaying a positive bias throughout the day and a smart rally in the last hour. The index witnessed a breakout above its three-month old ascending channel and made a bullish pattern on the daily chart. It made a higher low for the third session in a row. A decisive breach above 10,050 could open the gates further for much higher levels, a new target placed around 10,350 and then 10,410, led by short covering activities. On the downside supports are seen at 9,980 then 9,928 levels. A breach below 9,920 may stall the ongoing bullish momentum.

NIFTY 3-Month

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