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Market Report

Monday, 23-Oct-2017

NSE

  • The domestic market today ended on a positive note snapping a two-day losing streak, with the Nifty50 closing at 10,184.85 today, up +0.38 per cent or 38.30 points, with 26 out of 50 constituents ending in the green. The BSE Sensex closed the day at 32,506.72 today, up 116.76 points or +0.36 per cent.

  • Realty stocks outperformed, while telecom stocks were in focus after Reliance Jio raised data tariffs last week, signalling more pricing discipline in the sector. Strong global markets also boosted sentiment. Markets had hit fresh highs last week and analysts think upcoming corporate earnings will have an impact on the short-term trend. Infosys Ltd and Hindustan Unilever Ltd will report results on Tuesday and Wednesday, respectively.

  • The Nifty50 today saw a gap-up opening, but could not hold on to the 10,200 mark and settled around where it had opened, in the process forming a long-legged Doji pattern on the daily chart. The index has got stuck in a trading range in between 10,120 to 10,250 in the last six sessions. Today however, it made a smart rebound from the intraday low where the immediate support of 10,120 was placed. Analysts believe there can be further gains on the index in the coming sessions. Now, the index has to continue to hold above 10,178 to witness an upward move towards 10,250 and 10,300 levels, while on the downside, supports are seen at 10,120 and then 10,080 levels.

NIFTY 3-Month

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