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Market Report

Friday, 28-July-2017

NSE

  • The BSE Sensex ended the session 73.42 points or -0.23 per cent lower at 32,309.88 today, snapping its five-day gaining streak while Nifty50 managed to hold the 10,000 mark and closed at 10,014.50 today, down 6.05 points or -0.06 per cent with 22 components in the green and 29 in the red.

  • Domestic equity indices took a breather today amid heavy selling in pharma and bank stocks owing to poor June quarter earnings of heavyweights such as Dr Reddy's and ICICI Bank. Both indexes trading in red throughout the session amid bearish sentiment in Asian markets and profit-booking by investors. The Nifty50 closed the week with a gain of +1 per cent and registered a remarkable weekly close above the 10,000 mark. The index also registered positive close for the fourth consecutive week. Focus now shifts to Reserve Bank of India's two-day monetary policy meeting, which is set to begin next week on Tuesday, while the outcome is expected on Wednesday.

  • The Nifty50 index opened in the negative, but managed to hold near the 9,950 mark and witnessed a strong recovery towards 10,026 right at the end. It almost erased the losses made during the day and finally settled the session with the marginal loss of only 6 points. In the process, it formed a Hammer candle on the daily chart, which indicates that every decline is being bought into after the recent profit booking that led to a 150-point drop from the recent high of 10,114. the index also snapped the formation of higher lows as it slipped below the 9,950 mark in intraday trade. Now the index has to remain above 9,980 level to witness an upward move towards 10,100 and then 10,250 levels, while on the downside, supports are seen at 9,950 and 9,928 levels.

NIFTY 3-Month

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