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Market Report

Monday, 13-Nov-2017


  • The bears tightened their grip on Dalal Street as both Nifty and Sensex slipped nearly a per cent today ahead of CPI inflation to be released later in the day amid mixed global cues and rising concerns over escalating crude oil prices. As a result, the 30-share Sensex dipped 281.00 points, or -0.84 per cent, to close at 33,033.56 today, while the 50-share Nifty index settled at 10,224.95 today, down 96.80 points, or -0.94 per cent against the previous close, with 37 out of the 50 constituents ending in the red.

  • Benchmark indices ended lower on Monday, with Larsen & Toubro dragging the indexes after it cut its full-year order flow growth guidance, while oil price worries kept energy shares such as Reliance Industries under pressure. Investors also reacted to the September quarter earnings of index heavyweights Idea Cellular, Adani Ports and Coal India. Oil remained well supported as ongoing output cuts led by the Organization of the Petroleum Exporting Countries and Russia contributed to a significant reduction in excess supplies and as tensions in the Middle East raised the prospects of supply disruptions.

  • The Nifty50 on Monday suffered a one per cent cut and formed a solid bearish candle on the daily chart. It continued to form lower highs and lower lows for the fifth consecutive session, dragging the supports lower. The index failed to hold at its 10260 level, the support zone of last three sessions, and closed below the same. The bearish sentiment was reconfirmed after Nifty closed below its 20-day SMA at 10,307. Now, if Nifty50 sustains below 10,200, it can drift towards 10,120 and 10,100 levels. On the weekly chart, the RSI has formed a negative divergence. Further weakness can't be ruled out in the near term, said analysts.

NIFTY 3-Month

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