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Market Report

Friday, 13-Oct-2017

NSE

  • Domestic market today ended on a cheerful note ahead of the Diwali week, with Nifty50 closing at fresh record high at 10,167.45, up +0.70 per cent or 71.05 points, with 32 out of 50 constituents ending in the green, and BSE Sensex ending the day firmly at 32,432.69, up 250.47 points or +0.78 per cent higher. The rally was fuelled by the Index of Industrial Production (IIP) data for August, which showed +4.3 per cent hike in factory output, supported by firm global cues.

  • The broader Nifty50 index scripted history, as the index hit a record intraday life-time high of 10,191.90 during the day, surpassing its previous high of 10,178.95 set on 19-Sept-2017. The Sensex did not set any records, but rose to over two-month high as steady inflation and strong IIP numbers did the job for investors looking for triggers ahead of Diwali. On the weekly basis, the Nifty rallied around +2 per cent and has given the highest weekly close ever, which could shows the continuation of momentum going forward.

  • Nifty index opened gap up and formed a strong Bullish candle, as it closed above its major short-term averages. The relative strength index (RSI) at 64 level is still not in overbought territory, the MACD indicator is sending positive signals, while ADX that measures the strength of the uptrend too is in the favour of the bulls. Besides, Bank Nifty50 has closed above its 50-day EMA. Now, a hold above 10,150 could extend the fresh rally towards 10,300-10,400 zones, while on the downside supports are shifting higher to 10080 zones.

NIFTY 3-Month

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