Closing Bell: Nifty just manages to hold 10,000 as investors book profit; Sensex falls 413 pts

Taking Stock: Bulls run out of charge, Sensex breaks below 34,000; telecom, banks a drag

Sectorally, the S&P BSE Telecom index fell 3 percent followed by the S&P BSE Bankex which was down 2.3 percent and the S&P BSE Oil & Gas index ended 1.9 percent lower.... Read More

The market slumped mainly due to sudden weakness in global markets and a surge in Dollar Index. Worldwide investors are turning cautious on equity as the past rise was significant and uninterrupted. We are also witnessing a similar trend in our markets, however, if the market defends the level of 9940 then it would be positive for the market. Buying is advisable if market drops below the level of 9940 and recovers back. On the higher side, the level of 10170 would be a major hurdle.

With the passing of the session, we saw good correction in mostly large cap counters with on average 2-3% correction in the counters. At present level, downside support comes at 9890 while upside resistance comes at 10245 levels.

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One may expect further weakness in the market in the next session. On the lower side, the Nifty is expected to find support around 10000-9950 levels in the short term and Nifty is expected to slip below this area in the next 3-4 sessions.

The short term trend of Nifty seems to have reversed down. The next lower supports to be watched at 9950 and any upside bounce attempt could find resistance at 10135 levels.

Since our markets are currently dancing to the global tunes, the outcome of the US Fed meet and performance of the global markets would be closely watched. We may see further profit-taking in the index and 9950-9850 zone would act as a cushion. Traders should prefer hedged positions and maintain their focus on stock selection.

Technically the Nifty has failed to sustain at the intra day highs for the second consecutive day. 9889-9944 band is the next support while 10177 is the resistance. However one needs to watch the Midcap space which is still seeing some rotational buying.

Nifty again witnessed profit booking and resistance at its 100-DMA levels, which is around 10300 and has been a crucial level for the index. The indices finally ended down by 1.3%.

Banking index was the top sectoral loser andbluechipprivate banks contributed most to the losses in the benchmark indices. Our markets also seem to be driven by global cues and European markets opening in the red had an impact on our markets. USFOMCannouncements tomorrow can have a bearing on the global markets.

After trading in the green, we broke the important level of 10100 on the Nifty which does make the market seem a tad weak in the short term. We could go down further to levels closer to 9850-9900.

: Benchmark indices ended near day's low level on the back of extended selling seen in the afternoon session on June 9.

At close, the Sensex was down 413.89 points or 1.20% at 33956.69, and the Nifty was down 120.80 points or 1.19% at 10046.70. About 1104 shares have advanced, 1432 shares declined, and 162 shares are unchanged.

ICICI Bank, Wipro, BPCL, Tata Motors and GAIL were among major losers on the Nifty, while gainers were Dr Reddys Labs, IndusInd Bank, Sun Pharma, Bharti Infratel and M&M.

Among sectors, except pharma other indices ended in the red. BSE Midcap and Smallcap indices fell 0.3-1 percent.

The company's net profit at Rs 21.8 crore versus Rs 10.5 crore and revenue was down 21% at Rs 344 crore versus Rs 435 crore, reported CNBC-TV18.

Shares of Adani Green Energy (AGEL) were locked in 5 percent upper circuit at Rs 312.60 after company won the first of its kind manufacturing linked solar agreement from the Solar Energy Corporation of India (SECI).

The company posted consolidated net loss at Rs 7 crore versus profit of Rs 562 crore and revenue was down 64.4% at Rs 602 crore versus Rs 1,693 crore, reported CNBC-TV18.

'Buy-on-dips' best strategy for this market; bet on telecom, consumer, pharma, say experts

Observers broadly agree that the market will remain in the 10,000-10,500 range and if it goes beyond 1,500, profit-booking may emerge.... Read More