The equity indices snapped their bull momentum and ended marginally lower in the volatile session on December 18 with Nifty around 21,400.
At close, the Sensex was down 168.66 points or 0.24 percent at 71,315.09, and the Nifty was down 38 points or 0.18 percent at 21,418.70.
Amid mixed global cues, the domestic indices started the day on a negative note but recovered in the initial hours to trade flat for most of the session in the first half. But in the second half, bears took charge of the street and dragged the indices into red.
Stocks and sectors
Top losers on the Nifty were Power Grid Corporation, JSW Steel, ICICI Bank, ITC and Tech Mahindra, while gainers were Bajaj Auto, Adani Ports, Sun Pharma, Hindalco Industries and Reliance Industries.
Among sectors, the Pharma index was up 1 percent, Capital Goods index was up 0.7 percent, while Realty index was down 1 percent and Bank index was down 0.5 percent
The broader indices outperformed the main indices with the BSE Midcap index rising 0.3 percent, while smallcap index gained 0.5 percent and touched a fresh record high of 42,371.96, intraday.
More than 350 stocks touched their 52-week high on the BSE, including Bharat Dynamics, GE Shipping, Geojit Financial Services, IRB Infra, IRCTC, JK Tyre, Kellton Technologies, Landmark Cars, NALCO, NESCO, SAIL, Sandur Manganes, Shyam Metalics, Siemens, SpiceJet, Sukhjit Starch, Swaraj Engines and Zydus Life. Click here for the full list
Outlook for December 19
Aditya Gaggar Director of Progressive Shares
A rangebound trade comes to an end at 21,418.65 with a loss of 38 points. Among the sectors, Media and Pharma were the outperformers while Realty and Banking indices have experienced a corrective move in the form of profit booking. With gains of 0.22% and 0.56%, Mid and Smallcaps outperformed the Benchmark Index.
On the daily timeframe, the Index has formed an Inside Bar DOJI candlestick pattern which indicates a rangebound activity can be expected with the downside being protected at 21,330 while 21,500 will act as a resistance level.
Rupak De, Senior Technical Analyst at LKP Securities:
On the daily chart, the Nifty has formed a Bearish Harami candlestick pattern, suggesting a potential interruption in the ongoing rally. Additionally, the RSI indicator on the hourly timeframe has undergone a bearish crossover within the oversold zone, hinting at a waning bullishness in the market. A decline below 21350 could lead a correction towards 21220/21100 in the short term. Conversely, resistance is anticipated at 21500 on the higher end.
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