Bulls Emerge Victorious in One of the Fiercest Intraday Swings in History; NEPSE Index up 13.83 Points

Tue, Sep 21, 2021 3:38 PM on Stock Market, Latest,

-ShareSansar

The NEPSE index closed at 2,712.07 today after gaining 13.83 points from yesterday's closing. The index had lost 114.02 points yesterday.

The index opened at 2,693.42 and immediately went on a steep plunge, going as low as 2,615.49. However, the bulls pushed the index higher with intense aggression. NEPSE created the intraday high at 2,766.41. Ultimately, the index closed at 2,712.07, which is still a significant feat when looked against the bearish sentiment during the initial market session.

Today's candlestick pattern can be chalked up as a Doji, more specifically a long-legged Doji. Given that the index fell first and then rose to a close higher than yesterday's closing, it proves that the bulls have started to take charge. Whether this will result in a reversal or a fake signal depends on tomorrow's market movement. If the index gains tomorrow with a long, decisive* green candle, the morning star pattern will be formed, which has a 78% statistical chance of being followed by a bullish reversal.

* Like all other TA patterns, the morning star candlestick pattern needs volume confirmation for better credibility.

A total of 15,306,061 shares exchanged hands amounting to Rs. 7.364 Arba in the turnover amount. This is lower than yesterday's turnover of Rs. 8.493 Arba. 223 scrips traded hands via 95,646 transactions.

Arun Valley Hydropower Development Company Limited (AHPC) had the highest turnover of Rs. 25.44 crores closing at a market price of Rs. 599 per share. The units of Nabil Balanced Fund - 2 (NBF2) traded the most.

Manakamana Smart Laghubitta Bittiya Sanstha Limited (MKLB) gained the most 9.99% while Everest Insurance Company Limited Promoter Share (EICPO) lost the most 5.81%.