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Market Report

Thursday, 24-Aug-2017

NSE

  • The domestic equity market closed on a positive note today, taking its gaining streak to a third consecutive session. The BSE Sensex gained 28.05 points or +0.09 per cent to end the session at 31,596.06 today, while Nifty50 managed to close the session above the 9,850 mark at 9,857.05 today, up +0.05 per cent or 4.55 points, with 27 constituents ending in the green and 23 in the red.

  • The domestic equity market traded in a narrow range today as every upward move in the current consolidation phase is facing strong resistance due to lack of positive cues. Investors worldwide focused on the central banking conference in Jackson Hole, Wyoming, USA, where US Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi were both due to speak, although new policy messages were considered unlikely. Back home, Infosys extended gains for the second straight day on the prospects of its celebrated co-founder Nandan Nilekani returning to the company as a non-executive chairman.

  • The Nifty50 index opened in the positive, but failed to hold above the 9,880 mark and moved in a small trading range of 33 points for the entire session today. The index formed a small-body candle but held above the previous day's close at 9,850 level. The index has been making higher lows from last three sessions and now it has to continue to hold above 9,820 to witness a bounce towards 9,928 and 9,950 levels. On the downside, multiple supports are seen at strike prices 9,775 and 9,750 to hold the recent pullback in the market.

NIFTY 3-Month

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