Taking Stock: Market takes a breather; Nifty holds 11,200 levels

Indian market closed marginally in the red on Tuesday tracking the muted trend seen in the global markets. The S&P BSE Sensex failed to hold on 38,000 while Nifty50closed marginally in the red but above 11200 levels.

Let’s look at the final tally on D-Street – the S&P BSE Sensex was down 8.4 points to 37973 while the Nifty50 closed 5 points down at 11,222.

"After a gap-up opening, the benchmark indices grew volatile, before ending the day flat. Global markets were also undecided and slightly negative for the day as the outcome of the first US presidential debate was awaited,” Vinod Nair, Head of Research at Geojit Financial Services told Moneycontrol.

“With increasing infections and chances of location-specific lockdowns, Indian indices were also uncertain. Indian markets are awaiting a trigger in the form of confirmation of a stimulus package by the government to boost economic activity. Till then, expect volatility,” he said.

On the broader market front – the S&P BSE Mid-cap index fell 0.16 percent, and the S&P BSE Small-cap index was down 0.01 percent.

Sectorally, the action was seen in consumer durables, metals, energy, and consumer discretionary stocks while profit taking was visible in telecom, utilities, public sector, and FMCG.

Top Nifty gainers include names like JSW Steel, Hero MotoCorp, and Hindalco.

Index	Prices	Change	Change%
Sensex	62,622.24	-346.89	-0.55%
Nifty 50	18,534.40	-99.45	-0.53%
Nifty Bank	44,128.15	-308.20	-0.69%

Nifty 50 18,534.40 -99.45 (-0.53%)

Wed, May 31, 2023

• 1D
• 5D
• 1M
• 3M
• 6M
• 1Y
• 2Y

Biggest Gainer	Prices	Change	Change%
Bharti Airtel	849.90	31.45	+3.84%

Biggest Loser	Prices	Change	Change%
ONGC	154.90	-3.95	-2.49%

Best Sector	Prices	Change	Change%
Nifty Pharma	12678.40	73.70	+0.58%

Worst Sector	Prices	Change	Change%
Nifty Energy	23875.50	-342.70	-1.42%

Top Nifty losers include names like UPL, IndusInd Bank, and ONGC.

Stocks & Sectors:

Sectorally, the S&P BSE Consumer Durable index rose 1.9 percent, followed by the S&P BSE Metal index which was up 1.8 percent, and the S&P BSE Energy index closed with gains of 0.89 percent.

Selling pressure was seen in stocks like Telecom which was down 2.1 percent, followed by the S&P BSE Utilities that fell 1.5 percent, and the S&P BSE Public Sector was down 1.4 percent.

Volume spike of more than 100% was seen in stocks like Ambuja Cements, UltraTech Cements, and SRF.

Long Buildup was seen in stocks like Page Industries, Hero MotoCorp, and Tata Chemicals.

Short Buildup was seen in stocks like Bajaj Auto, PNB, and Tech Mahindra.

More than 100 stocks on the BSE hit a fresh 52-week high that include names like Info Edge, Hero MotoCorp, and Blue Dart etc.

Technical View:

Nifty formed a bearish candle on the daily charts

Nifty50 appears to have witnessed profit booking as it tested the 50-Day simple moving average, whose value is placed around 11304 levels

In the next trading session weakness can be expected if this counter trades below 11180 levels which could extend towards 11099 – 11072 levels

“For bulls to retain bullish bias as a close below 11070 can be considered as an initial sign of strength for bears. Contrary to this a strong close above 11300 can bring back bulls with an initial target of 11413 levels,” Mazhar Mohammad of Chartviewindia.in said.

“For time being positional traders are advised to refrain from creating long positions on dip whereas intraday traders can short below 11180 for a modest target of 11100 levels with intraday high as stop loss level,” he said.

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