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Market Report

Monday, 28-Aug-2017


  • Rising for a fourth straight session, the BSE Sensex closed above 31,750 after gaining 154.76 points or +0.49 per cent to close at 31,750.82 today, while the Nifty50 ended the session above the 9,900 mark at 9,912.80 today, up +0.57 per cent or 55.75 points, with 35 constituents ending in the green and 16 in the red.

  • The domestic equity market kept its winning momentum going after an extended holiday on Monday as firm global cues and easing tensions between India and China over Doklam lifted sentiment. Index heavyweight Infosys surged on the first day of trading since the appointment of co-founder Nandan Nilekani as chairman on hopes that the move would help defuse a months-long row between the founders and the board. Globally, European shares fell in a broad sell-off as the euro strengthened after ECB chief Mario Draghi did not express concern about a strong currency in a closely watched speech.

  • The Nifty50 today reclaimed the 9,900 mark in a rangebound session, where the NSE barometer closed near its opening level, forming a Northern Doji on the daily chart. This kind of pattern is formed after an uptrend. This pattern does not indicate a trend reversal and requires further evidence to predict future trajectory. Analysts believe the index needs to regain the 9,930 and 9,950 levels to avoid any downside pressure. Now, it has to hold above these levels to witness an upward move towards 10,020 and 10,050 levels. Moving below 9,880 could drag the index towards 9,820 and then 9,775 levels.

NIFTY 3-Month

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