Evening Podcast for Tuesday, 17 January 2017: What moved market and what tech charts say

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

It was a quiet day on D-Street. The Nifty50 struggled around its crucial support level of 8,400, weighed down by losses in RIL, Coal India, Adani Ports, and ONGC.

RIL Q3 results failed to lift investors sentiment as the stock plunged to its lowest level since December 29 on Jio spending worries. The stock ended 3.2 per cent lower at Rs 1041.25.

However, most global brokerage firms such as Goldman Sachs and CLSA maintain their buy rating on RIL with a target price of 1,210 and 1,350 respectively which translates into an upside of 12-25 per cent from current levels.

The S&P BSE Sensex closed 52 points lower at 27,235. The Nifty50 ended 14 points down at 8,398. The S&P BSE Midcap index ended flat while the S&P BSE Smallcap index closed 0.33 per cent higher.

In the sectoral landscape FMCG, power, IT and realty stocks saw some gain while metals, oil & gas, telecom and auto stocks some profit booking decline.

So, what moved the market today? We have Hitesh Agrawal, EVP & Head - Retail Research, Religare Securities, giving us a lowdown.

Byte Hitesh

On the derivatives front, maximum Call writing was seen in strike price 8,400, followed by 8,500. Maximum Put writing was seen in strike prices 8,300, followed by 8,200.

To give us a perspective on what the F&O market is signalling on where the market stands, we have with us Amit Gupta, Head of Derivative from ICICI Securities. Over to you, Mr Gupta.

Byte 2 Amit Gupta

On the technical front, Nifty50 formed a ‘Spinning Top’ kind of pattern on the daily candlestick charts. This candle is often regarded as a neutral pattern which suggests indecisiveness on the part of both bulls as well as bears and can be formed in an uptrend as well as in a downtrend.

So does this technical setup signal a bullish undertone in the market? Chandan Taparia, Derivatives & Technical Analyst - Equity Research at Anand Rathi Financial Services, explains.

Byte 3 Chandan Taparia

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