The market lost nearly 1 percent on July 8 amid weak global cues with Sensex falling 485.82 points (or 0.92%) to end at 52,568.94, and the Nifty was down 151.80 points or (0.96%) at 15,727.90.
“The market witnessed a correction after a failed attempt to hold the support level around the Nifty 50 Index level of 15800. Market suggests, 15650 will be an important support level from a short-term perspective. Sustaining above 15650-15670 levels, the market expects to bounce back, and trade in the range of 15650-15900. Technical indicator suggests, a volatile movement in the market in the range of 15650-15900,” said Ashis Biswas, Head of Technical Research at CapitalVia Global Research.
BSE midcap index fell 0.3 percent, while smallcap ended flat.
Tata Motors, JSW Steel, Bajaj Auto, Hindalco Industries and ONGC were the top losers on the Nifty. Top gainers were Tech Mahindra, SBI Life Insurance, Eicher Motors, IndusInd Bank and Shree Cements.
Stocks & sectors
On the BSE, except power, all other sectoral indices ended in the red, with metal, auto and bank indices down 1-2.4 percent.
Among individual stocks, a volume spike of more than 200 percent was seen in Aditya Birla Fashion & Retail, IGL and Trent.
Long buildup was seen in Coforge, Trent and Mphasis, while short buildup was seen in Tata Motors, Britannia Industries and Granules India.
More than 350 stocks, including Sobha, Gland Pharma, Colgate Palmolive and Bharat Forge hit a fresh 52-week high on the BSE.
Technical View
Nifty formed robust bearish candle after struggling to get past the higher end of the trading range present around 15900 is strongly hinting that market may be heading towards the lower end of the trading range placed around 15600 levels.
“Nifty need to sustain above 15680 levels in next trading session to prevent further damage, as a close below that levels can strengthen the bearish sentiment further as it amounts to a breakdown on daily line chart on which Nifty is moving in a tight range of 15880 – 15680 levels,” said Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in.
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