Evening Podcast for Tuesday, 18 January 2017: Trend-spotting on D-Street with top analysts

Hi there! Good Evening. This is Kshitij Anand from ETMarkets.com taking you through the facts and figures from Wednesday's session on Dalal Street and bring you cues and trading tips from market veterans for tomorrow's trade.

It was a day of profit taking on D-Street as benchmark indices pared most of their intraday gains but closed well in green. The momentum on D-Street has slowed down after recent rally from Brexit lows but the bias is still on the positive side.

The S&P BSE Sensex which rallied over 100 points in morning trade closed just 21 points higher at 27,257. The Nifty50 which reclaimed its crucial psychological level of 8450 earlier in the day, closed just 19 points higher at 8,417.

However, most of the action was seen in small and midcap stocks which outperformed benchmark indices. The S&P BSE midcap index closed 0.45 per cent higher while the S&P BSE Smallcap index ended 0.61 per cent up.

In the sectoral landscape metal, consumer durable, capital goods, banks and consumer discretionary stocks led the gain while telecom, oil & gas stocks some profit booking decline.

So, what moved the market today? We have Rahul Shah, VP-Equity Advisory at MOSL, giving us a lowdown.

Byte Rahul Shah

On the derivatives front, maximum Call writing was seen in strike price 8,500, followed by 8,400 which will act as crucial resistance levels for the index. Maximum Put writing was seen in strike prices 8,300, followed by 8,200 which will act as major support areas.

To give us a perspective on what the F&O market is signalling on where the market stands, we have with us Ram Chotwani, AVP at GEPL Capital. Over to you, Mr. Chotwani.

Byte Chotwani

On the technical front, Nifty50 formed a 'shooting star' kind of pattern on the daily candlestick charts. A 'Shooting Star' pattern is formed when the index trades well above its opening level but comes under selling pressure as traders start booking profits as it emerges higher levels.

This pattern is usually formed in an uptrend and is treated as a reversal pattern. But, it still requires confirmation.

So does this technical setup signal a bearish undertone in the market? Kapil Shah of Choice Broking, explains.

Byte 3

That's all for now. Do come back for our pre-market podcast tomorrow morning. Have a great evening ahead!