Taking Stock: Market fails to hold record high; Nifty above 19,400, Sensex up 165 pts

BSE Sensex and Nifty50 touched their record levels of 66,064.21 and 19,567, respectively.

BSE Midcap index touched a new high of 29,420.55 and Smallcap index recorded a fresh high of 33,746.89.

Sectors and stocks

Hindalco Industries, TCS, Infosys, LTIMindtree and Tech Mahindra were among the top gainers on the Nifty, while losers were Power Grid Corporation, Coal India, BPCL, UPL and Maruti Suzuki.

BSE midcap and smallcap indices down 0.5 percent each.

Selling was seen in the auto, capital goods, FMCG, healthcare, oil & gas and power sectors while buying was witnessed in the bank, metal, realty and information technology names.

A long build-up was seen in Info Edge, Birlasoft and Coforge, while a short build-up was seen in Federal Bank, Delta Corp and Bank of Baroda.

Among individual stocks, a volume spike of more than 600 percent was seen in Granules India, BHEL and Federal Bank.

More than 200 stocks touched their 52-week high on the BSE, including ABB India, Zomato, Bajaj Auto, Ujjivan Financial Services, Tech Mahindra, Raymond, MOIL, Mahindra & Mahindra, Jindal Saw, Exide Industries.

Outlook for July 14

Ajit Mishra, SVP - Technical Research, Religare Broking

Markets traded volatile on the weekly expiry day but managed to end marginally higher. Initially, upbeat global cues triggered a gap-up start in Nifty, which was later followed by range bound move. However, a sharp decline in the second half trimmed the gains and it finally settled at 19413.75 levels. Meanwhile, a mixed trend was witnessed on the sectoral front wherein IT and realty posted strong gains while energy and auto were among the top losers.

Nifty’s failed attempt to break out from the 19300-19550 zone indicates further consolidation ahead. However, the prevailing buoyancy in the global markets, especially the US, would help in keeping the tone positive. Meanwhile, we recommend maintaining a cautious approach in the selection of stocks and focusing more on risk management.

Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas

The Nifty witnessed a volatile day of trade today. During the first half, it opened the gap up and also broke out of the seven days on the upside, however, as the day progressed it faced selling pressure at higher levels and sold off. It has come back in the range indicating a breakout failure. The Nifty is likely to consolidate in the range of 19300 – 19570 and until this range is decisively breached on either side we can expect the sideways price action to continue. Overall, the trend is positive, and Nifty is undergoing time-wise correction. The crucial support zone stands at 19360 – 19320 while the resistance zone is placed at 19550 – 19570.

As far as Bank Nifty is concerned, the Index continued to correct and traded in a downward-sloping channel. It has now reached the lower end of that channel and also the 50% Fibonacci retracement level (44600) which should attract buying interest. We expect the Bank Nifty to start recovering as it has now reached a crucial support zone. On the upside initially, we expect it to target 45000.

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