The market witnessed profit-booking on the third consecutive day but manage to recoup some intraday losses with Nifty closing above 15,700. At close, the Sensex was down 135.05 points or 0.26% at 52,443.71, and the Nifty was down 37.10 points or 0.24% at 15,709.40.
"The market witnessed the continuation of the bearish movement after a failed attempt to hold the support level around 15700 on Nifty50. If the market sustains below 15700, the correction may continue till the next support level near 15420-15450," said Ashis Biswas, Head of Technical Research at CapitalVia Global Research.
"Traders are advised to refrain from building a new buying position until further improvement is seen in the market breadth," he added.
Among sectors, the metal index added over 1 percent and the IT index rose 0.2 percent, however, selling was seen in auto, bank, energy and pharma stocks.
BSE midcap index ended flat, while smallcap index fell 0.4 percent.
Dr Reddy’s Labs, Kotak Mahindra Bank, Tata Motors, Cipla and M&M were the top Nifty losers. Bharti Airtel, Tata Steel, SBI Life Insurance, Divis Labs and IndusInd Bank were among the top gainers.
Stocks & sectors
On the BSE, auto, bank, realty and healthcare indices ended lower, while metal index rose 1.4 percent.
Among individual stocks, a volume spike of more than 300 percent was seen in Canara Bank, SRF and NALCO.
A long buildup was seen in SRF, Trent and Tech Mahindra, while a short buildup was seen in Cipla, Titan and Canara Bank.
More than 400 stocks, including ACC, Tata Steel, Bajaj Finserv and JSW Energy, hit a fresh 52-week high on the BSE.
Technical View
Nifty formed a bearish candle on the daily scale with a long lower shadow indicating declines were being bought in.
"Nifty has to hold above 15,700 zones to witness an up move towards 15,800 and 15,850 levels, while on the downside support exists at 15,600 and 15,500 levels," said Chandan Taparia, Vice President, Analyst-Derivatives, Motilal Oswal Financial Services.
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