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Taking Stock | Sensex down 90 points, Nifty above 17,200 in volatile trade

Eicher Motors, Sun Pharma, Bajaj Auto, IndusInd Bank and Divis Labs were among the top Nifty gainers. Losers included ITC, SBI, Coal India, Tech Mahindra and Grasim Industries.

December 29, 2021 / 04:42 PM IST

Indian stocks snapped their two-day winning streak to end a tad lower after a choppy session on December 29, as buying in pharma and auto names minimised the losses.

At close, the Sensex was down 90.99 points, or 0.16 percent, at 57,806.49, and the Nifty was down 19.70 points, or 0.11 percent, at 17,213.60.

After a flat start, the market remained in the range and finished marginally lower. Broader indices, however, outperformed the benchmarks, with BSE midcap index rising 0.13 percent and the smallcap adding 0.5 percent.

"Outweighing weak sentiments in most sectors, the pharma sector aided the domestic market to close on a flat note with a positive bias,” said Vinod Nair, Head of Research at Geojit Financial Services.

The emergency use authorization to Corbevax and Covovax jabs along with the nod to anti-viral drug Molnupiravir boosted the appetite for most pharma stocks, he said.

Close

"FIIs were net buyers for the first time this month, which helped the market. Multiplex stocks have taken a hit following the closure of cinema halls due to stricter Covid restrictions in Delhi, while mid and small caps outperformed," he added.

Eicher Motors, Sun Pharma, Bajaj Auto, IndusInd Bank and Divis Labs were among the top Nifty gainers. Losers included ITC, SBI, Coal India, Tech Mahindra and Grasim Industries.

Except auto and pharma, all sectoral indices ended in the red, with the metal index down a percent.

IndexPricesChangeChange%
Sensex57,426.921,016.96 +1.80%
Nifty 5017,094.35276.25 +1.64%
Nifty Bank38,631.95984.20 +2.61%
Nifty 50 17,094.35 276.25 (1.64%)
Fri, Sep 30, 2022
Biggest GainerPricesChangeChange%
Hindalco390.5519.35 +5.21%
Biggest LoserPricesChangeChange%
Asian Paints3,342.45-42.35 -1.25%
Best SectorPricesChangeChange%
Nifty PSU Bank2995.0087.65 +3.01%
Worst SectorPricesChangeChange%
Nifty FMCG44405.6549.40 +0.11%

Stocks and sectors

The BSE healthcare index added 1.7 percent, while metal index fell a percent. Selling was also seen in bank, FMCG and power stocks.

Among individual stocks, a volume spike of more than 100 percent was seen in Escorts, Indiabulls Housing and JK Cement.

A long build-up was seen in Escorts, Apollo Hospitals and Eicher Motors, while there was a short build-up in JK Cement, Mindtree and Interglobe Aviation.

More than 400 stocks, including Escorts, Bartronics India, Sintex Industries, CG Power and Industrial Solutions, hit a 52-week high on the BSE.

Technical View

The Nifty formed a Doji candle on the daily scale and formed higher highs, higher lows from the second session.

The Nifty has to hold above 17,200 for an up move towards 17,300 and 17,350, whereas support has shifted higher to 17,150 and 17,100 zones, said Chandan Taparia, Analyst-Derivatives, Motilal Oswal Financial Services.

Outlook for December 30

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

The level of 17,250-17,300 will be crucial. This market will enter a bullish phase only if it closes above 17,300, until then, it will be sideways and choppy.

The nifty has a good support at 16,800 and a break of it will result in a medium-term bear market. It is a wait-and-watch situation—16,800 on the downside and 173,00 on the upside.

Mohit Nigam, Head-PMS, Hem Securities

On the technical front, overall structure looks positive if the Nifty manages to sustain above 17,200 on a closing basis; 17,000 and 17,400 are the immediate support and resistance.

For the Bank Nifty, 34,500 and 35,500 are the immediate support and resistance.

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities

The Nifty maintained a higher bottom formation but after a strong pullback rally, it formed a Hammer candlestick near the important resistance level, pointing to a short-term weakness.

For the trend-following traders, 17,200 will be an important level, as above it, the uptrend will continue to 17,300-17,1350. If the index slips below 17180, an intraday correction to 17,140-17,100 is likely.

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 making any investment decisions.

 
Rakesh Patil
first published: Dec 29, 2021 04:42 pm
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