Indian equity indices extended the losing streak on the second consecutive session on July 18 with Nifty falling below 25,000, hitting a one-month low amid selling across the sectors barring metal and media.
At close, the Sensex was down 501.51 points or 0.61 percent at 81,757.73, and the Nifty was down 143.05 points or 0.57 percent at 24,968.40. BSE Midcap and smallcap indices performed inline with main indices falling 0.6 percent each
For the week, BSE Sensex and Nifty shed nearly a percent each.
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Biggest Nifty losers included Axis Bank, Shriram Finance, Bharat Electronics, HDFC Life, Bharti Airtel, while gainers were Wipro, Bajaj Finance, Tata Steel, ONGC, Nestle India.
Except media and metal, all other sectoral indices ended in the red with pharma, Private Bank, PSU bank, FMCG, capital goods, consumer durables, telecom down 0.5-1 percent.
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In stock-specific action, LTIMindtree shares fell 1% amid in-line Q1 results, Godrej Properties shares gained for the 5th day on acquiring 48-acre land parcel in Bengaluru, Route Mobile shares plunged nearly 5% as Q1 profit, revenue declined, Wipro shares rose more than 2% on better-than-expected Q1 results, Axis Bank shares tumbled 5% post Q1 earnings, Clean Science & Tech shares fell 9% after Q1 results.
Nearly 140 stocks on the BSE touched their 52-week highs, including Gujrat Mineral, Krishna Institute of Medical, Dalmia Bharat, JK Cement, Nuvoco Vistas, Anand Rathi, HDFC AMC, Biocon, Piramal Enterprises, Fortis Healthcare, RBL Bank, among others. Click to View More
Outlook for July 21
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities
After showing minor bounce back from the support of 25K mark in the previous sessions, the Nifty witnessed sharp weakness recently and closed the day lower on Friday. A reasonable negative candle was formed on the daily chart on Friday, which indicates an attempt of downside breakout of the immediate support.
The bullish chart pattern like higher tops and bottoms seems to have been negated and we observe beginning of bearish chart pattern like lower tops and bottoms formation on the daily chart. The recent swing high of 25255 could now be considered as a new lower top of the pattern.
Nifty on the weekly chart formed a reasonable negative candle this week, which is third consecutive bearish candle formation in the trot. The previous sharp upside breakout of larger range movement of last month has been negated and the market slipped below the crucial support zone of 25000 mark.
The underlying trend of Nifty remains weak. A slide below 24900 levels could open more weakness down to 24500 in the coming week. However, any pullback rally from here could find strong overhead resistance around 25250.
Rupak De, Senior Technical Analyst at LKP Securities
The Nifty remained under selling pressure, falling towards 24,900 where it found initial support. The index stayed above the 50-day moving average (50DMA) and appears poised for a short-term pullback after a sharp correction.
However, it remains a ‘sell on rise’ as long as it trades below 25,260. On the downside, selling may intensify if it breaks below 24,900.
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