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Market Report

Wednesday, 23-Aug-2017

NSE

  • The S&P BSE Sensex jumped 276.16 points or +0.88 per cent to close at 31,568.01 today, while NSE's Nifty50 rallied 86.95 points or +0.89 per cent to close the session at 9,852.50 today, with 36 constituents ending in the green and 15 in the red. Markets were buoyed by strong global cues and positive developments back home such as government nod to merger of PSU lenders gave the much-needed boost to the market.

  • The Sensex and Nifty ended higher today, gaining for second straight session, with Nifty reclaiming the 9,850-mark led by realty, banking and financial stocks. The gains, however, remained range-bound for want of fresh triggers after a tepid results season. Infosys continued to stay in news with a rise of over +2%, extending gains from yesterday after it fell over -14% post Vishal Sikka's resignation as MD and CEO of the company.

  • A sharp rally in late trade pushed the Nifty50 above its immediate hurdle at the 9,800-9,820 range today, setting the stage for a pullback rally. In the process, the index formed a Bullish Candle on the daily chart and got a buy signal from the technical indicators, as it turned up from the oversold territory. This chart formation predict some steady momentum in the coming days. It now faces resistance in the 9,870-80 range, while it would need to sustain above the 9,800 level, before it could make an attempt to move towards 9,900 and 9,950 levels in the days ahead. On the downside, support exists at 9,775.

NIFTY 3-Month

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