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Market Report

Friday, 18-Aug-2017


  • Domestic equity indices snapped a three-day gaining streak to end on a negative note on Friday as shares of index heavyweight Infosys plunged -9.56 per cent, contributing over 200 points to the 270.78 point, or -0.85 per cent, drop in the Sensex, which ended the session at 31,524.68 today. The broader Nifty50 closed the day at 9,837.40, down -0.67 per cent or 66.75 points with 25 components ending in the green and 26 in the red. Moreover, a deadly terrorist attack in Spain and rising concerns over the fate of US President Donald Trump's economic agenda further impacted market sentiment.

  • Friday's session on Dalal Street was marred by developments at Infosys, which weighed heavy, but still, the benchmark Nifty50 index ended the week on a positive note, gaining 126 points or +1.30 per cent on a weekly basis. The coming week is once again going to be a short one, with Friday being a trading holiday on account of Ganesh Chaturthi. The outlook for the week is clear. Neither will the market see any runway rise, nor will it see any major breakdown. It will trade in a broad upward rising channel within a defined range.

  • The Nifty50 index opened Friday's session in the negative and corrected towards the 9,783 mark. However, it witnessed a sharp recovery from lower levels before finally closing the day on a negative note with the loss of around 67 points. It formed a Hammer candle on the daily chart and respected its 50 DEMA, but sustained supply is being witnessed at higher zones. Analysts said they expect a pullback rally next week. The rally from Friday's low of 9,783 should logically extend beyond the recent top of 9,948 and should get extended further to 9,960 and 10,046 levels. But first, the Nify50 has to cross and hold above 9,880 to witness a bounce towards 9,928-9,950 range. On the downside, supports are seen at 9,775, and then 9,710 levels.

NIFTY 3-Month

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