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Taking Stock: Nifty ends above 15,850 led by financials, Zomato gains 65% on listing day

Broader markets underperformed the benchmarks, with BSE midcap and smallcap indices ending flat

July 23, 2021 / 04:15 PM IST

The market ended higher for the second consecutive day on July 23 led by financials names. At close, the Sensex was up 138.59 points or 0.26 percent, at 52,975.80, and the Nifty was up 32 points, or 0.20 percent at 15,856.

Food delivery giant Zomato made a stellar debut, listing with nearly 53 percent premium, at Rs 116 against its final offer price of Rs 76. The share closed 65.59 percent higher at Rs 125.85.

"The market witnessed a swift recovery after the initial fall, 15,800 will be an important support level in the short-term perspective. If the market breaches the level of 15,900 and is able to sustain above this level, the market expects to gain momentum, leading to an upside projection of 16200 levels," said Ashis Biswas, Head of Technical Research at CapitalVia Global Research.

The momentum indicators like RSI and MACD to stay positive and market breadth would improve, further strengthening the short-term bullish outlook, he added.

Broader markets underperformed the benchmarks, with BSE midcap and smallcap indices ending flat.

Close

ICICI Bank, ITC, Wipro, SBI Life Insurance and SBI were the top Nifty gainers. Tata Motors, Grasim Industries, L&T, Adani Ports and Tech Mahindra were among the top drags.

Stocks & sectors

On the BSE, except auto, capital goods, power sectors, other sectoral indices ended in the green.

IndexPricesChangeChange%
Sensex59,005.27514.34 +0.88%
Nifty 5017,562.00165.10 +0.95%
Nifty Bank37,235.8590.15 +0.24%
Nifty 50 17,562.00 165.10 (0.95%)
Tue, Sep 21, 2021
Biggest GainerPricesChangeChange%
JSW Steel668.9535.75 +5.65%
Biggest LoserPricesChangeChange%
Maruti Suzuki6,777.00-173.40 -2.49%
Best SectorPricesChangeChange%
Nifty Metal5444.45135.45 +2.55%
Worst SectorPricesChangeChange%
Nifty Auto10156.00-46.70 -0.46%

Among individual stocks, a volume spike of more than 400 percent was seen in NMDC, Sun Pharma and Mphasis.

A long buildup was seen in Sun Pharma, JSW Steel and SBI, while a short buildup was seen in NMDC, L&T and Indraprastha Gas.

More than 450 stocks, including Wipro, JSW Energy and Jubilant FoodWorks, hit a fresh 52-week high on the BSE.

Technical View

The Nifty formed a Doji candle on the daily scale and a bullish hammer on the weekly scale, which indicates that declines are being bought but follow-up is missing at higher zones.

"The Nifty has to hold above 15,800 zones to witness an up move towards 15,962 and 16,000 levels, while on the downside, support exists at 15,750 and 15,700 levels," said Chandan Taparia, Vice President, Analyst-Derivatives, Motilal Oswal Financial Services.

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.

 
Rakesh Patil
first published: Jul 23, 2021 04:15 pm

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