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Market Report

Friday, 11-Aug-2017

NSE

  • The BSE Sensex lost 317.74 points or -1.01 per cent to end at 31,213.59 today. The Nifty50 ended the session at 9,710.80, down -1.11 per cent or 109.45 points. The domestic equity market fell for a fourth straight session today with Nifty testing 9,700 levels and Sensex ending below the 31,500 mark. During the day, the Nifty fell as much as 131 points, over -1 per cent, witnessing its biggest intraday fall in 8 months.

  • Overseas, global markets tumbled for a fourth day and were on course for their worst week since November, as the escalating war of words over North Korea drove investors on Friday toward the yen, the Swiss franc and gold. Dalal Street was no different, as equity benchmarks Sensex and Nifty plunged to record lows amid heavy selling. The Nifty PSU Bank index dipped nearly 5% after Oriental Bank, Union Bank of India and State Bank of India fell -5% each post disappointing earnings for the June quarter. Meanwhile, volatility index India VIX hit its highest in six months, suggesting market participants expect major volatility on the Nifty over the next thirty days.

  • The Nifty50 took a 109-point hit today to take its losing streak to the fifth trading session, the longest losing streak of 2017. The support at the 50-day EMA proved too weak, and the index now stares at its 100-day EMA at the 9,525 level. It has corrected around 450 points from its lifetime high of 10,137 to 9,685 in last eight sessions. Today, the index formed a pattern similar to the 'long-legged Doji' on the daily chart, and it needs to claim the 9,800 mark first to regain momentum. The intensity of the fall, a -3.53 per cent cut on weekly basis, clearly pointed towards more pain going forward. If the Nifty50 is unable to get past the 9,800 mark in the next few sessions, the ongoing correction can extend to the next logical target placed around the 9,400 level,

NIFTY 3-Month

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