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Market Report

Wednesday, 13-Dec-2017

NSE

  • The BSE Sensex slumped 174.95 points or -0.53 per cent to settle the session at 33,053.04 today. The broader Nifty50 index of the NSE slipped below its crucial level of 10,200 to close the session at 10,192.95 down 47.20 points or -0.46 per cent with 34 constituents ending in the red.

  • The benchmark indices witnessed a big sell-off and ended lower in a volatile session as Asian markets stayed cautious ahead of US Federal Reserve's policy outcome later today, wherein it is widely expected to raise interest rates by at least 25 bps. Back home, investors reacted to November CPI inflation rising to 15-month high of 4.88% and industrial output growth slowing to a 3-month low of 2.2% in October. The US Federal Reserve policy decision and Gujarat election exit polls results tomorrow are likely to guide market ahead. However, these factors will only have sentimental bearing. On the technical note, the Nifty continued to remain in an intermediate trend of a falling channel that it is currently trading in.

  • Bears continued to dominate on Dalal Street today, as 10,300 level acted as stiff resistance for the Nifty50. Selling pressure in the second half of the day erased all the early gains, which forced the index to correct towards 10,170 zone and close in the red. In the process Nifty formed a long-legged bearish candle on the daily chart and extended its weakness for a second consecutive session. Nifty closed below its 20-day and 50-day DMA support zone, representing weakness ahead in short term. Now, on an immediate basis it has to hold above 10,300-10,330 zones to witness an up move towards 10,409 then 10,490 levels, while a hold below 10,178 could open its downside towards 10,094 then 10,033 levels.

NIFTY 3-Month

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