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Jul 27, 2020 04:28 PM IST | Source: Moneycontrol.com

Closing Bell: Nifty ends below 11,150, Sensex falls 194 pts; banks underperform, IT stocks gain

Among sectors, IT and metal indices ended in the green, while banks, pharma, auto and FMCG remained under pressure.

  • July 27, 2020 04:40 PM IST

    Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services: 

    The rally in gold is very ferocious and we are seeing a relentless demand for the safety from coronavirus turmoil. The political decisions to increase stimulus packages is keeping the gold prices higher. Currently, the COMEX Gold spot has breached all time high of $1944.48 while MCX Gold has touched record high of Rs 51885. Tomorrow’s Fed policy will be closely followed, we don’t expect a rate cut. Any more accommodative stance by the Fed may continue the sharp upside in gold prices. 
    Technically, gold prices are in over bought position and can witness profit-booking. The immediate resistance for Comex Gold spot is $1960 and then $1985/2000. A reversal from $1960 may lead towards $1880/1840. While, in MCX Gold crucial resistance lies around Rs 52500 and a reversal may take price towards 50800/50300.

  • July 27, 2020 04:39 PM IST

    Nagaraj Shetti, Technical Research Analyst, HDFC Securities:

    We observe a narrow range movement in Nifty 60 mins intraday chart. Nifty struggled to sustain the intraday upside recovery after the weakness from the highs of 11200-225 levels in the last few sessions. At the same time, long term charts like weekly and monthly timeframe indicates that the upper area of 11250-11350 could be a key overhead resistance or may be a significant reversal point as per the concept of change in polarity.
     
    The short term trend of Nifty is range bound with weak bias. The momentum in the market could expand only a sustainable move beyond the range of 11250 and 11050 levels in the short term. Upside breakout could pull Nifty towards 11550 and a downside breakout of the range open lower target of 10900-10850 in the near term.

  • July 27, 2020 04:33 PM IST

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

    Our stock indices mirrored the volatility in global markets. The Nifty ended lower mainly due to weakness in financial and pharmaceutical stocks. Consolidation in the market is on the verge of breaking down in the near future. One needs to be careful when adding long positions at high levels. Buying on dips should only be on large supports such as 10900 or 10800. Avoid shopping on minor repairs. The resistance exists at 11300/111350 levels.

  • July 27, 2020 04:33 PM IST

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

    Our stock indices mirrored the volatility in global markets. The Nifty ended lower mainly due to weakness in financial and pharmaceutical stocks. Consolidation in the market is on the verge of breaking down in the near future. One needs to be careful when adding long positions at high levels. Buying on dips should only be on large supports such as 10900 or 10800. Avoid shopping on minor repairs. The resistance exists at 11300/111350 levels.

  • July 27, 2020 04:28 PM IST

    Vinod Nair, Head of Research at Geojit Financial Services:

    Indian benchmark indices ended a volatile day in the red, following negative global cues and domestic uncertainties. Global markets were impacted due to rising US-China tensions and suspected second wave of virus infections. Financials led the losses following an RBI report which expected a surge in bad loans this year. Record number of virus infections in India also added to the uncertainty. Investors are advised to remain stock specific and keep accumulating only quality stocks in this scenario.

  • July 27, 2020 04:25 PM IST

    S Ranganathan, Head of Research at LKP Securities:

    Indices traded weak for most part of the day today despite strength in IT stocks as Financials gave way on rising NPA concerns. Also the new enhanced margin norms proposing to change a three decade old practice played in the minds of investors as market breadth was adversely impacted.

  • July 27, 2020 04:21 PM IST

    Ajit Mishra, VP - Research, Religare Broking:

    Markets started the week on a negative note as RBI’s recent statements over a possible rise in NPAs in FY21 spooked investor sentiments. We expect a breather in the index, after rising for the six successive weeks. Meanwhile, earnings announcements from select Nifty majors and upcoming derivatives expiry of July month contracts will keep the participants busy. Globally, the US Fed meet scheduled this week and key economic data announcements will also be on their radar. We suggest limiting leveraged trades and preferring index majors over others.

  • July 27, 2020 04:18 PM IST

    Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments:

    The markets did threaten a close below 11100 but managed to keep above that level for most of the day. It is crucial that we do not break those levels on a closing basis as that would make the short term weak and we could see a slide of 150-200 points. In order to resume the existing uptrend, we need to cross 11300.

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