Daily Market Summary: NEPSE Keeps Falling, Index Shrinks 53.10 Points While All Sectors Lose Big

Wed, Dec 8, 2021 3:36 PM on Stock Market, Latest,

-ShareSansar

The NEPSE index closed at 2,455.80 today after losing 53.10 points from yesterday's closing. This is a loss of 2.12% on the index. The index had lost 37.18 points yesterday.

226 scrips traded hands via 42,946 transactions. The Float index is at 168.64 after losing 2.26% while the Sensitive index lost 1.97% and is now at 464.79.

National Hydro Power Company Limited (NHPC) had the highest turnover of Rs. 11.88 crores closing at a market price of Rs. 382 per share. The units of Prabhu Select Fund (PSF) traded the most. This is the highest volume seen in PSF after July 22, i.e. after more than 4 months.

Standard Chartered Bank Nepal Limited (SCB) is the highest gainer but it only gained 1.94% today. Meanwhile, Samudayik Laghubitta Bittiya Sanstha Limited (SLBSL) lost the most 8.54%. It is closely tailed by Excel Development Bank Limited (EDBL), which has lost 8.3%.

Apparently, all sectors took a hard beating. The sector "Trading" lost the most 3.73% while Development Bank lost the second-highest 3.31%. Finance lost an identical 3.3%.

Technical Analysis Highlights

The index opened at 2,508.28 and briefly created the intraday high at 2,511.60. It then went as low as 2,448.91 and closed only slightly higher at 2,455.80.

The index is very near the support zone created by the hammer candlestick formed the day before yesterday. The lower wick of the hammer had gone to the low of 2,440.24. This zone is believed to be probable support. Nonetheless, it is important to mention that the index has already broken below the approximated support at the 2,500 zones.

A total of 6,560,947 shares exchanged hands amounting to Rs. 2.663 Arba in the turnover amount. This is lower than yesterday's turnover of Rs. 3.128 Arba. While volume has been changing inconsistently, the trend from October 31 signals a gradual decline.

The Relative Strength Index (RSI) is at 27.77. The reading was at 31.18 yesterday. The RSI crossing below the "30" level indicates oversold conditions. Meanwhile, both the MACD line and the signal line are negative, i.e. below zero, with the MACD reading at -62.1. This reading was at -53.28 yesterday. The MACD line is below the signal line, and both are negative, hence indicating a general pessimism in the market.