The benchmark Index of Nepal known as NEPSE (Nepal Stock Index) marked its closing at 1349.01, dropping by -8.21 points with -0.60%,Whereas Sensitive Index dropped by -2.10 points for -0.73% to register it’s closing at 284.96.The total turnover was seen at Rs. 409,933,295 with stocks of 162 companies traded. Market participants exchanged hands for 978,078 shares along 5,293 transactions.
Hotels Sub Index leading the market for the day with the gain of +35.18 points for +1.78% to mark its closing at 2013.76 points,On the other hand Banking Sub Index was the leading loser with -11.6 points with -0.99% to be closed at 1165.05.
NEPSE Index was range bounded for 24.73 points with an opening at 1357.22, high at 1362.66 and the low level till 1337.93.
Technically speaking, market reacted aggressively taking certain fundamental news positively and tested a high of 2018.01.10 as clearly seen in the chart with maroon horizontal line but due to some profit booking since previous dip buys from the level of 1166, Index could not sustain within 200 days of moving average on date 2018.04.23 falling and closing at 1398 after a long time high of 1461.Where overall trend is set to be bull and positively aligned moving averages signaling green.
On the other hand market is trading within ichimoku cloud (which means uncertain and searching for a direction) with strong resistance of Tekan Sen (red flat line), it should break either way of Sunday’s candle to set its direction. If the market falls below 1337, then it could test the level of 1320 where market participants can go long with their regarding stocks. But if market feels like it’s the end of correction since it reached the level of 38.2 with Fibonacci retracement then it should break above 1362 to make its way at 1482 with certain hurdles 1376 and 1382.