Following a rangebound trading session, BSE Sensex and Nifty ended close to the flatline on Monday, ahead of IIP and CPI inflation information announcement. After seeing a gap-up opening, the 30-share Sensex hit a day’s higher of 52,700. During the afternoon session, it tumbled 500 points from day’s higher. After recovering some losess, it ended at 52,373, down 327 pts from higher point. While Nifty index ended beneath 15,700, up just 3 points. Broader markets outperformed the equity benchmarks, with BSE Midcap index increasing 91 points or .4 per cent to 22,905. BSE Smallcap index gained .75 per cent or 194 points to finish at 26,068. India VIX gained .4 per cent to finish just shy of 13 levels.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities
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The choppy trend continued in the marketplace and there is no respite for bulls, right after displaying upside bounce from the decrease help (15635) in earlier session. As lengthy as the help holds, the odds of marketplace bounce back stay alive for the next 1-2 sessions. A decisive move beneath the help is most likely to extend weakness to 15500 levels. On the upside bounce, the region of 15800 could be a essential resistance to be watched.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
The index is struggling! It is unable to sustain at larger levels and therefore tends to make a U-turn at any offered instance. We are nonetheless stuck in a variety which is among 15400 and 15900. Unless either level is not taken out, we will not see a meaningful move.
Gaurav Udani, CEO & Founder, ThincRedBlu Securities
Nifty has been in a variety among 15900 and 15600 in the course of the complete month, with today’s selloff, Nifty is difficult the bottom variety of 15600, till this help breaks I do not feel there is any cause to be concerned. I am expecting Nifty to take help right here and present a bounce back to the 15900 levels, this is a higher probability situation and I would position my trades with this view.
Ajit Mishra, VP – Research, Religare Broking
Markets will react to the macroeconomic information viz. IIP and CPI inflation in early trade on Tuesday i.e. July 13. The tussle more than the next directional move in the index is nonetheless on and upcoming earnings announcement might outcome in the probable breakout. Meanwhile, we recommend continuing with a selective trading strategy when maintaining a verify on leveraged positions.
Vinod Nair, Head of Research at Geojit Financial Services
Domestic indices began with mild gains hovering about the flat line, on the other hand, it trimmed early gains tracking cues from its European peers ahead of the release of crucial inflation information later today. Shares of modest finance banks have been in focus today as the RBI permitted the reverse merger with their respective promoter entities. The realty stocks rallied as hopes of demand revival boosted the sector’s outlook.
Sumeet Bagadia, Executive Director, Choice Broking
Technically, the nifty50 index slipped beneath Middle Bollinger Band formation & 21-days SMA, which indicates a bearish move in the counter for the close to term. Moreover, an indicator MACD & Stochastic is displaying a damaging crossover on the each day chart, which suggests weakness in the index for the upcoming days. At present, the nifty appears to have resistance at the 15800 levels when quick help comes at 15550 levels.