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Market Report

Thursday, 21-Sept-2017

NSE

  • The BSE Sensex fell 30.47 points, or -0.09 per cent to settle at 32,370.04 today. The index at one point was down over 200 points, but buying in index heavyweights helped recoup some losses. Overall, it gyrated in a 300-point range during the day. Nifty50 settled the day at 10,121.90 today, down 19.25 points, or -0.19 per cent. Fear gauge India VIX ended flat at 11.63.

  • The bulls struggled to hold the fort on Thursday but could not stop the Nifty50 from recording its third day of consecutive loss. Benchmark indices made a smart rebound midway today as rating agency S&P cut China's sovereign rating by one notch. Investors were relieved as US Federal Reserve's two-day meet that concluded overnight did not throw any negative surprises. Also, hopes that our government might soon announce steps to arrest falling GDP growth too added to the sentiment. The continuous ongoing outflow of foreign portfolio investment too weighed on market mood in the first half.

  • The Nifty50 index slipped below the immediate support in the 10,138-10,130 zone and corrected sharply towards the 10,050 level. However it witnessed a strong recovery of 80 points from lower level and finally closed the day with a loss of around 20 points. The index has formed a Hammer candle on the daily chart, which has a long lower shadow and indicates that the decline is getting bought into. The index started forming lower highs since last two sessions and the absence of followup buying is restricting its upside momentum. Now, if it manages to hold above the 10,138 level, it may head towards 10,178 and 10,200 levels, while on the downside, supports are seen at 10,080 and 10,050 levels.

NIFTY 3-Month

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