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Market Report

Tuesday, 29-Aug-2017


  • The Nifty50 wiped out all the gains logged in last four sessions, as the 50-stock pack plunged -1.18 per cent, or 116.75 points, to end below the 9,800 mark at 9,796.05 today. The Sensex also lost 362.43 points or -1.14 per cent to close the session at 31,388.39 today.

  • Snapping four sessions of gains, the benchmark indices logged their biggest percentage fall of the year as the firing of a missile over Japan by North Korea rattled investors. European markets and Asian markets tumbled post the development, while the yen jumped to four-month highs against the dollar. At home, the F&O expiry of August series due Thursday also brought in some selling.

  • The Nifty50 index today snapped a four-day winning streak and formed a Bearish Belt Hold pattern on the daily chart. Such a pattern indicates that the bears dominated the bulls throughout the session. Analysts noted that the index has negated the formation of higher lows by slipping below the 9,880 level during the day and corrected sharply by more than 125 points, slipping below the 50-day EMA. Now, if it sustains below the 9,775 level, then fresh selling pressure could drag it towards 9,720 and then 9,685 level, while on the upside, hurdles are seen at 9,850 and 9,880 levels.

NIFTY 3-Month

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