Tuesday, Nov 12, 2019 | Last Update : 04:14 PM IST

Nifty likely to see upside bounce from the lows

THE ASIAN AGE. | ASHWIN J PUNNEN
Published : Sep 13, 2019, 2:40 am IST
Updated : Sep 13, 2019, 2:40 am IST

Sectorally, the top gainers were the BSE Bankex, Capital Goods and Healthcare indices.

The broad market indices like the BSE Small-Cap Index gained, thereby outperforming the Sensex/Nifty. The market breadth was positive on the BSE/NSE.
 The broad market indices like the BSE Small-Cap Index gained, thereby outperforming the Sensex/Nifty. The market breadth was positive on the BSE/NSE.

Markets ended lower on Thursday after a positive morning session as selling emerged in the afternoon session. The Sensex shed 166.54 points or 0.45 per cent to 37104.28, while Nifty declined 54.65 points or 0.50 per cent to 10981.05.

The broad market indices like the BSE Small-Cap Index gained, thereby outperforming the Sensex/Nifty. The market breadth was positive on the BSE/NSE. Sectorally, the top gainers were the BSE Bankex, Capital Goods and Healthcare indices. The top losers were the BSE Auto, Telecom, Oil and Gas and Realty indices.

Most IT shares declined as rupee firmed up against the dollar with Oracle Financial Services Software, Wipro, Hexaware Technologies, Mindtree, TCS and Infosys down 1 to 3 per cent.

According to experts, market ended with a cut of over half a per cent amid mixed cues. Firm global cues led to a strong start but anxiety ahead of macroeconomic data viz. IIP and CPI inflation triggered profit-taking as the session progressed. Mostly sectoral indices traded in tandem with the benchmark index and inched lower while mixed trend was witnessed on the broader front.

After showing a narrow range bound movement in the last session, the Nifty slipped into weakness on Thursday and closed the day lower by 52 points. A long negative candle was formed, which has engulfed a small range movement of the last session. Technically, this pattern indicates a formation of bearish engulfing pattern, which signals a profit booking at the higher levels.

Technical View

"The present weakness is unlikely to damage the near term positive sentiment of the market we are likely to see upside bounce from the lows. Next lower supports to be watched at 10,920-900 levels, said Nagaraj Shetti - Technical & Derivative Analyst, HDFC Securities.

Market View

"Markets will react to the macroeconomic data in early trade on Friday. We reiterate our positive yet cautious view on markets and suggest focusing on stock selection. Also, keeping a close watch on global markets for cues," said Ajit Mishra, Vice President, Research, Religare Broking.

Tags: capital goods, sensex