India Finance News

Taking Stock: Market fails to hold record high with Nifty below 15,850. PSU banks stand out –

Benchmark indices failed to hold the record high touched at open and ended lower on June 28. At close, the Sensex was down 189.45 points, or 0.36%, at 52,735.59, and the Nifty was down 45.70 points, or 0.29%, at 15,814.70.

BSE Sensex and Nifty50 touched fresh record levels of 53,126.73 and 15,915.65, respectively, in the morning but gave up the gains later in the day.

“After breaching all-time high of 15,900, the market witnessed some lackluster movement and an attempt to hold the support level above the Nifty 50 index level of 15,800. The market suggests, trading above 15,800 is positive from a short-term perspective. Sustaining above 15,800 levels, the market to gain momentum, leading to an upside projection till 16,100-16,200 level,” said Ashis Biswas, Head of Technical Research at CapitalVia Global Research.

“The momentum indicators like RSI, MACD to further strengthen in favour of a positive outlook,” he added.

Among sectors, Nifty PSU Bank, pharma and metal indices gained 1-2 percent, while IT, energy and infra indices witnessed selling pressure. BSE Midcap and Smallcap indices up 0.4 percent each.

Divis Labs, Dr Reddy’s Labs, Hindalco, Tata Steel and Tech Mahindra were among major gainers on the Nifty. Top losers included HDFC Life, Titan Company, TCS, Shree Cements and Coal India.

Stocks & sectors

On the BSE, healthcare and metal indices rose 1 percent each, while IT, power, capital goods and oil & gas indices ended in the red.

Among individual stocks, a volume spike of more than 200 percent was seen in HDFC Life, NALCO and Biocon.

Long buildup was seen in NCLAO, Mahanagar Gas and Bandhan Bank, while short buildup was seen in HDFC Life, Metropolis Healthcare and Coromandel International.

More than 400 stocks, including Tata Consumer Products, Nelco, Laurus Labs and Shree Renuka Sugars, hit a fresh 52-week high on the BSE.

Technical View

The Nifty formed a small-bodied bullish candle on the daily scale and gave the second-highest ever daily close.

It formed a Bearish candle and a Bearish Belt Hold sort of candle which indicates that follow up is required to commence the next leg of rally.

“The index has to hold above 15,800 zones to witness an up move towards 16,000 and 16,200 zones, while on the downside support can be seen at 15,700 and 15,600 zones,” said Chandan Taparia of Motilal Oswal Financial Services.

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