After recording seven-month high in the previous session, the Indian equity indices remained under pressure on May 16 with Nifty closing just above 25,000 mark.
At close, the Sensex was down 200.15 points or 0.24 percent at 82,330.59, and the Nifty was down 42.30 points or 0.17 percent at 25,019.80. For the week, BSE Sensex jumped 3.6 percent and Nifty50 added 4.2 percent.
Broader indices outperformed the main indices with BSE Midcap index rising 0.8 percent and smallcap index added 1 percent.
Among sectors, media, power, PSU, realty, capital goods indices were up 1-1.7 percent, while IT index was down nearly 1 percent.
Bharat Electronics, Bajaj Auto, Adani Enterprises, Tata Consumer, Eternal were among major gainers on the Nifty, while losers were Bharti Airtel, JSW Steel, Infosys, SBI, HCL Technologies.
Wall Street stocks ended mixed on Thursday, with S&P 500 recovering fully from a deep selloff in April triggered by U.S. President Donald Trump’s global trade war, as investors bet Washington will reach deals to roll back steep tariffs that economists worry will drive up consumer prices.
In stock specific action, JSW Infrastructure and Bharti Airtel shares fell more than 2 percent on block deals, RVNL shares rose 9 percent on order win from Central Railway, Crompton Greaves Consumer Electricals shares jumped 7 percent as Q4 profit jumps 22 percent and JSW Energy share price gained 3 percent post-better Q4 earnings.
Nearly 80 stocks on the BSE tested their 52-week highs, including Mazagon Dock, Medplus Health, Bajaj Holdings, Bharat Electronics, Bharat Dynamics, Solar Industries, APL Apollo, ICICI Bank, Redington, Max Financial, Dalmia Bharat, Anupam Rasayan, among others. Click to View More
Outlook for May 19
Rupak De, Senior Technical Analyst at LKP Securities
The Nifty remained in consolidation mode today, taking a breather after Thursday's rally. Overall sentiment continues to stay firm, with sectoral themes playing out. Indicators and overlays are consistently pointing towards further strength in the short term.
Any dips are likely to be bought into, with support placed at 25,000/24,800. On the higher side, a move above 25,120 could take the index towards 25,250/25,350.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities
After witnessing a sharp upmove from the lows on Thursday, the market has taken a breather on Friday and closed lower by 42 points amidst a range bound movement. After opening with a flat note, the market shifted into a narrow range movement that lasted for the whole session.
A small red candle was formed on the daily chart on Friday after a long bull candle Thursday. This market action signals a breather type pattern in the market after a stellar rally. This market action is expected to be an uptrend continuation pattern.
The underlying trend of Nifty continues to be positive. The next overhead resistances to be watched around 25250 and 25500 levels for the coming weeks. Any dips from here could find support around 24800 levels.
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