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Market Report

Wednesday, 29-Nov-2017

NSE

  • Indian equities put up an uninspiring show today as investors chose to sit on the sidelines, ahead of the release of September quarter GDP data and derivatives expiry on Thursday. North Korea's latest missile test also hit market mood. BSE Sensex shed 15.83 points or -0.05 per cent to end at 33,602.76 today, while Nifty50 closed at 10,361.30, down 8.95 points or -0.09 per cent, with 23 advances and 27 declines in the index constituents.

  • The benchmark indices ended flat today as sentiment remained cautious ahead of the gross domestic product (GDP) for the July-September quarter due on Thursday post market hours. Derivatives expiry of the November series is also due on Thursday. GDP is likely to have grown 6.4% from a year ago in July-September, from 5.7% in the preceding quarter, according to a Reuters poll of analysts. The data could help support a market that has surged around 27% so far this year, though gains have slowed since early November after hitting a record high, over global concerns.

  • The Nifty continued to show weakness for the second consecutive session and now intraday volatility could emerge as option writers are fighting in the market to make or break the 10,350 level. Analysts said further consolidation could be in the offing. But technical signals are mixed, as only a few momentum indicators are in the sell mode. Important thing to note that the Index has struggled for several days in the 10,365-10,410 zones, and have not sustained those levels. In all probability, until the level of 10410 is breached on the upside, this level of 10,410 will now act as an intermediate top and an important resistance. The levels of 10,410 and 10,445 will play out as important resistance levels for Thursday. Supports come in at 10,305, which is the 20-day moving average, and then at 10,250.

NIFTY 3-Month

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