Indian market snapped a two-day winning streak on September 3 as bears pushed the S&P BSE Sensex lower by nearly 100 points while the Nifty50 managed to close above 11,500 levels.
Let’s look at the final tally on D-Street – the S&P BSE Sensex fell 95 points to 38,990 while the Nifty50 was down 7.5 points to 11,527.
The market seems to be moving in a range and a breakout above 11,800 levels is required for bulls to regain control on D-Street.
"Markets exhibited volatility and ended flat for the day, switching between gains and losses. However, global markets, especially Europe, were generally positive for the day, anticipating better economic data," Vinod Nair, Head of Research at Geojit Financial Services told Moneycontrol.
"Domestically, data emerged that the services sector had contracted for the sixth consecutive month, in spite of phased reopening of the economy in the last two months. This has led to worries that the comeback, foreseen for the economy, could be long drawn out. Investors advised to remain light and keep booking profits," he said.
Sectorally, the action was seen in consumer durables, IT, capital goods, and auto while mild profit-taking was seen in banks, finance, metals, and energy stocks.
On the broader markets front – the S&P BSE Midcap index rose 0.4 percent, and the S&P BSE Smallcap index gained 0.7 percent.
Top Nifty gainers include names like Titan Company, Grasim Industries, and Bharti Infratel.
Top Nifty losers include names like Hindalco, Bharti Airtel, and ICICI Bank.
Stocks & Sectors:
Sectorally, the S&P BSE Consumer Durable index rose 3.3 percent, followed by the S&P BSE IT index which was up 1.5 percent, and the S&P BSE Capital Goods index that rose 0.99 percent.
Profit-taking was seen in the S&P BSE Bankex which was down 1.5 percent, followed by the S&P BSE Finance which was down 0.9 percent, and the Metals index that fell 0.8 percent.
Volume spike of more than 100% was seen in stocks like Grasim Industries, UPL, Titan Company, and Idea.
Long Buildup was seen in stocks like Vodafone Idea, MindTree, and UBL.
Short Buildup was seen in stocks like Power Grid, Vedanta, and Muthoot Finance.
Nearly 100 stocks on the BSE hit a fresh 52-week high that includes names like IndiaMART InterMESH, AstraZeneca, Jubilant FoodWorks, and Astral Poly.
Technical View:
Nifty is looking sideways in a range of 11,700 – 11,387 levels. The index shall continue to remain under pressure even in the next trading session provided it trades below 11,500 levels.
In that scenario, weakness shall get extended into the zone of 11,454 – 113,90 levels, whereas a breach of 11,390 on a closing basis shall signal the resumption of the downtrend.
Contrary to this, strength in the next trading session can be expected if it remains above 11,585 for at least 30 minutes. In that scenario, the chances of intraday rally getting extended towards 11,700 can’t be ruled out, Mazhar Mohammad of Chartviewindia.in said.
“However, a close above 11,700 shall signal the resumption of the uptrend. Considering the sideways nature of the current phase, traders are advised to remain neutral and wait for a directional move to emerge,” he said.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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