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Ajit Mishra, VP - Research, Religare Broking
Markets are currently dancing to global tunes and we expect this trend to continue in absence of any major domestic event. Besides, the upcoming derivatives expiry of August month contracts and continuous fall in the broader markets would keep the participants on the edge. Amid all, we reiterate our cautious view and suggest keeping positions on both sides. Investors, on the other hand, can consider accumulating stocks that are now available at good bargains.
Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities
After two days of sharp correction, the market witnessed a relief rally due to strong global market performance. From the day's highest level, the Nifty shed nearly 200 points before recouping some lost ground. However, one more time it took support near the 10 day SMA and reversed sharply. Technically, on intraday charts the index has formed a double bottom formation. We are of the view that the 10 day SMA or 16,450 would be the immediate support for the bulls. As long as it is trading above the same, an upside could lift the index up to 16,550. On the other hand, trading below 16,450 could possibly open one more leg of correction up to 16,350-16,300 levels.
Deepak Jasani, Head of Retail Research, HDFC Securities
Nifty filled the downgap made on Friday by opening higher but closed below it as it gave away a large part of intraday gains. However, the fact that it recovered from the intraday low and did not make a new low compared to the previous day is encouraging. The advance-decline ratio improved marginally compared to the previous day but is still much below 1:1. 16,376-16,396 is the important support band now for the Nifty, while a close above 16,569 would result in the return of some confidence in the markets.
Rahul Sharma, Co-Founder, Equity99
The market is expected to remain volatile with weakness seen in Midcaps and Smallcaps. Investors are advised to remain cautious. On the technical front, 16,450 will act as crucial support for Nifty, breaking which we might see 16,400 to 16,375 levels. On the upper side, 16,560 will act as resistance and once these levels are crossed we might see 16,610 to 16,650 levels.
Bank Nifty is underperforming compared to broader markets. 34,900 acts as strong support, breaking which we might see 34,750 to 34,600 levels. On the upper side 35,400 is strong resistance, breaking which we might see 35,650 levels.
Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments
The Nifty index continued to face resistance at the 16,600 level. We need to get past this to scale higher to 16,800-16,850 which should be the next target for the Nifty. On the downside, there is good support around 16,350-16,400. Until we do not break this, traders can accumulate long positions for higher targets.
Palak Kothari, Research Associate, Choice Broking
Nifty has formed a hammer candlestick on four hourly charts which points out strength for upcoming sessions. Moreover, the Index has taken support from 89-HMA and has been trading above 21&50 DMA, which suggest strength for the upside. Momentum Indicator MACD is also showing positive crossover on a daily time frame which further adds strength to the index. At present, the nifty index has immediate resistance at 16,600 levels while downside support shifted up to 16,350 levels.
Manish Shah, Founder, Niftytriggers.com
Nifty is showing signs of a strong trend and this is evident if we consider that ADX has started to slope positively and the Nifty has bounced of the support zone. MACD is in a buy mode. Nifty is in a strong uptrend and when we see a confluence of various support levels, this gives us confidence that the Nifty is poised higher. As long as support at 16,350 holds assume the trend to be up and running.
Once Nifty breaks above 16,580 expect the markets to rally towards 16,780-16,800 towards the expiry. As the line of least resistance is bullish, this expiry could be in favour of the bulls. Support for Nifty is at 16,350 and a break below 16,350 and there could be a drop to16,180. Overall, the conditions favor buying, either on a break or at support.
Market At Close | Here are the highlights of today's trading session
-Sensex & Nifty Close In The Green, But Off Opening Highs
-IT Stocks Along With HDFC Bank & Reliance Support Market
-Sensex Rises 273 points To 55,602 & Nifty 46 Points To 16,496
-Nifty Bank Gains 91 Pts To 35,124 While Midcap Index Slips 232 Pts To 26,893
-Reliance Jio Adding Maximum Subscribers For 3rd Straight Mths Helps The Stock Gain
-Bharti Airtel Moves Higher As Well; Co Added Subscribers In June After Losing In May
-Adani Ent Under Pressure On SEBI Putting Adani Wilmar IPO On Hold
-HCL Tech Top Nifty Gainer Following CLSA’s Upgrade, Stock Up 4% To Hit Record High
-8 Nifty Stocks Including HCL, Nestle, Bajaj Twins Hit Record Highs Today
-Auto Stocks Slip On Chip Shortage Issue, M&M, Eicher & Bajaj Auto Top Losers
-Biocon, Bandhan, Jubilant Food, Bharat Forge, Piramal Ent Top Midcap Losers
-Mindtree, Escorts, L&T Infotech, Nalco, Cadila Health & Nalco Top Midcap Gainers
-Aurobindo Fails To Hold Gains On Termination Of Cronus Acqn, Down 7% From Highs
-Market Breadth Favours Declines; Advance-Decline Ratio 2:9
Closing Bell | The Indian equity benchmark indices ended higher Monday led by gains in IT stocks. The Sensex rose 226.47 points, or 0.41 percent, to end at 55,555.79, while the Nifty closed 45.95 points, or 0.28 percent, higher at 16,496.45. Broader markets underperformed the headline indices as the midcap and smallcap indices ended lower.
Among sectors, Nifty IT and Nifty Financial Services ended in the green, while selling pressure was witnessed in automobile, media, metal, PSU Bank and realty indices. HCL Technologies, TCS, Nestle India, Bajaj Finserv and ONGC were the top Nifty50 gainers, while Grasim Industries, Adani Ports & SEZ, M&M, Eicher Motors and Bajaj Auto were the top index losers.
Ashis Biswas, Head of Technical Research at CapitalVia Global Research
The market witnessed trading in fine fettle with nifty crossing 16,500 levels in the afternoon session. The market is going to be crucial for the short-term market scenario to sustain above the 16,500 Nifty50 Index level. If the market is able to sustain the level of 16,500, the market can witness higher levels of 16,700 as the momentum indicators like RSI and MACD to stay positive and market breadth to improve, further strengthening a short-term bullish outlook.