Sensex falls from fresh all-time highs to end in red, Nifty continues to face resistance at 15,900

UltraTech Cement, HDFC Bank and Bajaj Finance were the top gainers on Sensex while Tech Mahindra, TCS, Maruti Suzuki India, and Reliance Industries were among the drags.
(Image: REUTERS)

Headline indices witnessed a volatile trading session on Tuesday. S&P BSE Sensex reached a fresh all-time high of 53,129 but failed to hold gains and finished the day’s trade in the red. NSE Nifty 50 index touched an intra-day high of 15,914 but ended nearly 100 points lower at 15,818. UltraTech Cement, HDFC Bank and Bajaj Finance were the top gainers on Sensex while Tech Mahindra, TCS, Maruti Suzuki India, and Reliance Industries were among the drags. Among sectoral indices Nifty Bank, Nifty Media, Nifty Financial Services, and Nifty private bank index closed with gains. Broader markets mirrored the fall while India VIX closed 1.77% higher.

Deepak Jasani, Head of Retail Research, HDFC Securities –

“Indian benchmark equity indices ended minorly in the negative on July 6 after once again facing resistance at 15915 levels. Nifty corrected mildly after a two-day rise. This happened with higher volumes. Nifty also made a double top at 15914 levels. On daily charts it has made a bearish inverted hammer like pattern. Hence at 15850+ levels, a lot of selling pressure seems to be emerging from investors. 15738 is the support for the Nifty in the near term while 15915 continues to be resistance.”

Rohit Singre, Senior Technical Analyst at LKP Securities

“Index witnessed a profit booking in the second half and closed a day at 15817 with minimal loss & formed a gravestone Doji candle pattern on the daily chart. index again took hurdle at 15900 zone and showed sharp profit booking which hints 15900 will be a stiff hurdle on the higher side any close above 15900 can only show some more positive momentum, support is still placed at 15775- 15700 zone we may see some swift bounce from mentioned levels.”

Manish Shah, Founder, Niftytriggers –

“Nifty-50 had a narrow ranged day as yet another attempt to clear the barrier at 15900-15950 failed. An attempt by Nifty to scale this rather unsurmountable peak can be frustrating as it is a given that the zone between 15900-15950 is a stiff resistance. Nifty made a bearish gravestone Doji at the top and failure to move above 15900-15950 could mean a slow grind towards 15750-15725. Nifty is seeing the lowest bout of low volatility since months and this phase of low volatility cannot last forever; eventually, the spring has to snap. The overall trend is up and eventually the Nifty should breakout on the upside. Wait for a confirmed breakout above 15900-15950 to get on the long side a bit more aggressively.”

Vinod Nair, Head of Research at Geojit Financial Services

“Indian market was led by financial stocks, business updates of major Banks and NBFCs for the quarter of June which showed improvement in business activity, minimising concerns over second wave impact. But profit-booking breached the overall market by the end of the day. Globally, oil prices surged after OPEC called off talks to boost production despite rising global demand.”

Mohit Nigam, Head – PMS, Hem Securities –

“After hitting record levels, benchmark Indices erased all the day’s gains and closed on a negative note with Sensex closing at 52,861.18 (-0.04%) and Nifty 50 closing at 15,818.25 (-0.10%). Ultratech Cement and Shree Cements were the top gainers while Tata Motors and Gland Pharma were the top losers in Nifty 50. Auto, IT, Metals and Pharma stocks witnessed selling pressure while buying interest was seen in some financial stocks. Tata Motors plunged 8% due to semiconductor shortage issue and expectation of negative EBIT margin by JLR. Immediate resistance levels for Nifty 50 are 15900 while key support levels for Nifty 50 is 15600.”

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