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Market Report

Thursday, 14-Sept-2017

NSE

  • Benchmark indices today could not make fresh lifetime highs in a session marked by profit booking a higher levels. Sensex, which was up 150-odd points in morning trade, cut gains to settle at 32,241.93 today, up 55.52 points or +0.17 per cent. Nifty closed 7.30 points or +0.07 per cent up at 10,086.60 today with 23 constituents closing in the green and 28 in the red. India VIX index, or fear gauge, fell -1.8 per cent, taking its falling streak to a 6th straight session.

  • The benchmark indices pared morning gains to end flat with the Nifty settling below 10,100 again today after data showed that the wholesale price index (WPI)-based inflation rose to +3.24% from a year ago, its fastest pace in four months, driven by higher prices of food and fuel products. Overseas, Asian stocks ended mixed, consolidating after touching their highest in a decade, while the European markets inched lower.

  • The Nifty50 today could not make a lifetime high and gave up most of the gains towards the end of the session as investors turned indecisive at higher levels. In the process, the index formed a 'Spinning Top' pattern on the daily charts along with an 'Inside Bar'. An Inside Bar is formed when the index trades within the range of high and low of the previous session, reflecting the ongoing consolidation of the market. However, the index has been making higher lows for four sessions now and support levels are shifting higher. The broader market trend remains positive, but if Nifty sustains below 10,050, then profit booking could be seen in the 10,000-9,980 zone. On the upside, a decisive move above 10,138 could commence the next leg of rally towards 10,200 level.

NIFTY 3-Month

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