BSE Sensex snapped a three-day gaining spree on Friday ending flat with a negative bias. NSE’s Nifty 50 also settled flat. The 30-share Sensex settled at 53,140, down 19 points or 0.04 per cent, while the Nifty 50 index ended the day 0.80 points or 0.01 per cent lower at 15,923. During the intraday session, Sensex hit a lifetime high of 53,291 and Nifty 15,962 levels. Broader markets outperformed the equity benchmarks, rising nearly half a per cent. BSE Midcap gained 0.48 per cent while the BSE Smallcap added 0.38 per cent. India VIX, the volatility index, declined 4.60 per cent to 11.71 levels.
Rohit Singre, Senior Technical Analyst, LKP Securities
Index opened a day with gap up but saw some profit booking since the start of the day and closed a day at 15923. It seems the index has retested its breakout zone and is all set to move northwards, supports are shifted to 14850-14800 zone holding above said levels structure positive & any dip around said levels will be again buying opportunity with keeping stop out levels below 14770 zone and resistance is coming near 15960-16000 zone above 16k mark we may see the good move.
Gaurav Udani, CEO & Founder, ThincRedBlu Securities
Nifty traded in a small range today, it made a low of 15882.6 and a high of 15962.25 and closed around yesterday’s close. Nifty is in a bullish trend and traded can buy above today’s high keeping 15750 as a stoploss for targets of 16100 and 16200. Banknifty showed marginal weakness today. It corrected from highs of 36000 to 35700. As long as it manages to stay above 35400 the trend remains intact and traders can look for targets of 36500 and 37000.
Vinod Nair, Head of Research, Geojit Financial Services
Indian market opened with gains however failed to maintain and ended flattish as profit booking was triggered in major sectors barring pharma. Buying interest was seen in the Pharma sector in anticipation of strong Q1 results. The risk of profit booking is rising due to elevated performance and lack of direction from the western developed markets with flat performance recently. FIIs continue as net sellers in the domestic equity market during the past few days.
Deepak Jasani, Head of Retail Research, HDFC Securities
Indian markets ended almost flat on July 16 even as interest returned to large-caps and volumes expanded. After making new intraday highs, mixed Asian and European markets weighed on the local markets. IT stocks came under profit booking despite encouraging numbers from Infosys and Wipro. Realty, Metals and Telecom stocks gained. New-age companies like IRCTC, BSE, ICICI Sec, CDSL, Angel Broking, etc attracted fresh buying as investors were willing to bet on their long term growth trajectory.
Nifty has found it difficult to breach 16000. Sectoral rotation could continue while select stocks could attract buying based on news and developments. On a weekly basis, Nifty has ended with a 1.49% gain after two weeks of losses. The coming week will witness more Q1 results (key among them being ACC, HCL Tech, Asian Paints, Bajaj Finance, Bajaj Auto, HUL, JSW Steel, ICICI Bank, ITC) and the stocks could react to these announcements. The indices could continue to edge upwards in the coming week which is a truncated week with a holiday on Wednesday. Retail investors could do a bit of reshuffling from the smallcaps into mid and largecaps.