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Market Report

Wednesday, 18-Oct-2017

NSE

  • The last trading session of Samvat 2073 gave no reason to cheer, as the domestic equity market ended on a negative note today, with the NSE Nifty50 index coming off all-time highs. The BSE Sensex ended the session 24.81 points or -0.08 per cent lower at 32,584.35 today, while Nifty50 closed at 10,210.85 today, down -23.60 points or -0.23 per cent with 14 of the 50 constituents ending in the green.

  • Key benchmark indices opened the day on a negative note and languished in the red till afternoon trade as traders chose to book profits after Indian markets surged earlier in the week to hit record highs. Indices did at one point, trade in positive territory boosted by gains in European bourses but subsequently succumbed to selling pressure. Markets were otherwise dull ahead of a long Diwali weekend.

  • The Nifty50 struggled to hold above the 10,200 level today and ceded ground to the bears. In the process, the index formed a 'Doji' pattern on the daily chart for the second consecutive session. A Doji pattern suggests indecisiveness among investors at higher levels. The 10,250 level on the Nifty50 is crucial. A sustained hold above this level can lift the index towards the 10,350 level. On the other hand, the 10,120 level could offer strong support.

  • Overall, Dalal Street had a terrific Samvat 2073 as the benchmark Sensex has gained 4,642.84 points, or +16.61 per cent, and the broader NSE Nifty surged 1,572.85 points, or +18.20 per cent since last Diwali. The BSE and NSE will conduct a special Muhurat trading session tomorrow between 1830 hrs and 1930 hrs on the occasion of Diwali.

NIFTY 3-Month

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