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Stock Market Highlights: Sensex falls 135 points, Nifty ends below 15,750 dragged by financials

Stock Market Highlights: Sensex falls 135 points, Nifty ends below 15,750 dragged by financials

Stock Market Highlights: Sensex falls 135 points, Nifty ends below 15,750 dragged by financials
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Summary

Stock Market Highlights: Indian equity benchmarks Sensex and Nifty ended lower Wednesday dragged by selling in banking and financials stocks amid weak global cues. Broader markets also reeled under pressure, with midcap and smallcap indices falling half a percent each. Among sectoral indices, Nifty PSU Bank fell the most followed by Nifty Financial Services, Nifty Auto, Nifty Pharma and Nifty Private Bank, while metal and IT indices closed in the green.

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Jul 28, 2021 4:45 PM

Nagaraj Shetti, Technical Research Analyst, HDFC Securities

The short term trend of Nifty continues to be negative. But, the formation of hammer type pattern at crucial support and sharp intraday upside recovery from a lower range are pointing towards an upside bounce in the market in the next 1-2 sessions. The expected upside is likely to test the upper resistance of 15,860-15,900 levels in the near term.

Jul 28, 2021 4:36 PM

Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities

While both bulls and bears slug it out in the first half of the trading session, the former cut long positions and in the latter part of the trading session bears covered short-sell positions. However, based on the recovery of the market, we feel that Nifty has completed a corrective pattern at 15,500. Significant gains in telecom, metals, technology and select private banks helped the market to close above the levels of 15,700. On Thursday, Nifty could remain in the trading range of 15,800 and 15,600. As the market has re-entered the trading range, the levels of 15,600 would act as major support and 15,800 would be a major obstacle.

Jul 28, 2021 4:35 PM
Here are key stocks that moved the most on July 28
Among sectoral indices, Nifty PSU Bank fell the most followed by Nifty Financial Services, Nifty Auto, Nifty Pharma and Nifty Private Bank, while metal and IT indices closed in the green.
Stock Market Highlights: Sensex falls 135 points, Nifty ends below 15,750 dragged by financials
Jul 28, 2021 4:33 PM

Manish Shah, Founder, Niftytriggers.com

Nifty is showing tremendous resilience against the odds. The collapse in the Asian markets has not dented the confidence of investors. Nifty will continue to trade in a band for a prolonged period and when will the breakout manifest is anybody’s guess. Till the time breakout above 15,950 manifests Nifty could remain in a range for a prolonged period. We are in a well-established range that points out a simple strategy buy around 15,500 and sell around 15,950.

Jul 28, 2021 4:21 PM

Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty broke the 15,635 support but bounced back to close marginally in the negative for the day. The selling in the markets got arrested once the Hongkong and Chinese markets reversed their weak trend this morning showing signs of stability after three days of sharp weakness. Global markets show some stability ahead of US Fed meet. Broad market however shows weakness as per the weak advance-decline ratio. Nifty can now stay in the 15,635-15,797 band for the next 1-2 sessions.

Jul 28, 2021 4:11 PM

Sumeet Bagadia, Executive Director, Choice Broking

On the technical front, the Nifty index has been trading in higher high and lower low formation and tested the support from lower formation, suggesting a bounce back in the upcoming session. On the Four-hourly Chart, the Index has formed a Bullish Marabozu Candle, which points out strength for the next day. Hourly Momentum indicator RSI has also bounced from the oversold zone, which points to upside movement for the next trading day. At present, the Nifty has support at 15,500 level while resistance comes at 15,850 levels.

Jul 28, 2021 4:06 PM

Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments

The market slipped below the crucial 15,600 level but was swift to recover from there and managed to close above 15,700. This is an indication that the market is still range bound and is continuing to trade within the 15,400-15,900 band. Until we do not get past either level convincingly, the index will not see a significant move in either direction.

Jul 28, 2021 4:05 PM

Rupee At Close | The Indian rupee ended higher by 9 paise at 74.37 per dollar amid selling in the domestic equity market. The local currency opened marginally higher at 74.43 per dollar against the previous close of 74.46 and traded in the range of 74.31-74.49.

Jul 28, 2021 4:01 PM

Market At Close | Market ends in the red but off lows; Market breadth favours declines; advance-decline ratio at 2:3.

Jul 28, 2021 3:53 PM

Ashis Biswas, Head of Technical Research at CapitalVia Global Research

The market witnessed the continuation of the bearish movement after a failed attempt to hold the support level around the Nifty50 Index level of 15,700. If the market sustains below 15,700 and can see the continuation in the correction till the next support level near 15,420-15,450. The traders are advised to refrain from building a new buying position until further improvement is seen in the market breadth.

Jul 28, 2021 3:45 PM
Jul 28, 2021 3:44 PM

Market At Close | Here are the key highlights of today's trading session

- Market Ends In The Red But Off Lows

- Sensex Recovers 641 Points & Nifty 196 Points From Lows

- Nifty Bank Gains More Than 400 Points From Lows, Led By ICICI

- Market Breadth Favours Declines; Advance-Decline Ratio At 2:3

- Sensex Closes 276 Points Lower At 52,302 & Nifty 37 Points Lower At 15,709

- Nifty Bank Slips 265 Points To 34,533 & Midcap Index 140 Points To 27,315

- Bharti Airtel Top Nifty Gainer After Co’s Tariff Hike In Entry-level Prepaid Plan

- Metal Stocks See A Sharp Recovery From Lows Led By Tata Steel

- Maruti Ends With A Cut Of Over 1% After A Weak Set Of Earnings For Q1

- SBI Life Continues The Gaining Momentum Seen post Earnings, Up 8% This Week

- IndusInd Bank Rises Nearly 2% After Reporting In-line Q1 Earnings

- SRF & Coforge Close With Minor Gains Following Better-than-expected Earnings

- Torrent Pharma & Granules Rise While Alembic & DRL Continue To Fall

- Indus Towers, BEL, SAIL, Nippon Life, Balkrishna Amongst Top Midcap Gainers

- Navin Fluorine, Canara, M&M Fin, Cadila Top Midcap Losers

Jul 28, 2021 3:41 PM

Closing Bell | Indian equity benchmark indices ended lower Wednesday dragged by selling in banking and financials stocks amid weak global cues. The Sensex fell 135.05 points, or 0.26 percent, to close at 52,443.71, while the Nifty ended 37.05 points, or 0.24 percent, lower at 15,709.40. Broader markets also reeled under pressure, with midcap and smallcap indices falling half a percent each.

Among sectoral indices, Nifty PSU Bank fell the most followed by Nifty Financial Services, Nifty Auto, Nifty Pharma and Nifty Private Bank, while metal and IT indices closed in the green. Dr Reddy’s Laboratories, Kotak Mahindra Bank, Tata Motors, M&M and Cipla were the top Nifty50 losers, while Bharti Airtel, Tata Steel, SBI Life Insurance, Divi’s Laboratories and IndusInd Bank were the top index gainers.

Jul 28, 2021 3:39 PM
Jul 28, 2021 3:23 PM

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