Stock Market Highlights: Sensex falls 132 points, Nifty ends at 15,670 dragged by banks; midcaps outperform

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Nagaraj Shetti, Technical Research  Analyst, HDFC Securities

The short term uptrend status of Nifty remains intact and the last two sessions consolidation movement has not changed the positive sentiment of the market. The next upside levels to be watched around 15,800-15,900 levels, before showing any downward correction from the highs. This could be achieved by next week. Immediate support is placed at 15,600 levels.

Ajit Mishra, VP - Research, Religare Broking

Markets traded volatile in a range and ended flat as participants preferred to book some profit at higher levels. The MPC’s monetary policy outcome came in line with street expectations thus failed to trigger any major reaction. With no major domestic event, the focus would shift to global indices for cues. Besides, as new COVID cases have seen a considerable decline, all eyes would be on state governments for further easing of the restrictions. We may see some profit-taking or consolidation in the benchmark early next week however the trend would remain positive. Traders should maintain their focus on identifying the right stocks and utilize the dips to accumulate.

Nirali Shah, Head of Equity Research, Samco Securities

Nity50 index has crossed the major rising channel support and is now trading around it. Market breadth also remained positive for most of the week but BankNifty is still a point of concern given that it is still trading below its previous resistance. BankNifty might take its own time to catch up but it can also turn out to be a classic Dow Theory divergence where one index is making a new high but the other is making a lower high. Until we don't see any significant bearish evidence, we suggest traders maintain a mildly bullish outlook. The immediate support is now placed at 15,350.

The fourth-quarter result season pace has been relatively slower this fiscal wherein relatively fewer companies from several sectors have announced their earnings till now. The coming weeks could see a number of PSU heavyweights including SAIL, NTPC, Coal India etc. in focus as they come out with their numbers. Further, key developments on the disinvestment story could also keep the PSU stocks on radar. Investors should therefore place trades cautiously on PSUs to buffer from any unforeseen shocks owing to such announcements. Meanwhile, Indian markets could continue to mimic the movement across global commodities and equities.

Rahul Gupta, Head Of Research- Currency, Emkay Global Financial Services

The RBI policy did not have a major reaction on the fx market, and USDINR spot is flat as traders wait for the US NFP data. The US NFP data will be a key determinant of the market mood for June. After yesterday’s ADP jobs data, expectations have increased for a strong reading of nonfarm payrolls and a stronger-than-expected figure will squarely puts the focus on the FOMC meeting on 16 June, probably sending the dollar higher against its major peers. In USDINR spot, 73.25-73.30 is a crucial resistance, a consistent above that can push prices towards 73.60-73.75 zone while 72.75-72.50 will act as crucial support.

Manish Shah, Founder, Niftytriggers.com

Nifty closed the week with a net gain of 1.5 percent over the close of the previous week. Nifty on the weekly time frame has closed above the prior swing high and this is a trend continuation signal. A close above 15,650 means that Nifty should continue its up move and trend pattern remains unhindered. On the weekly time frame the MACD line has “hooked” up and it is just a tad below the signal line. RSI has also moved above 60 and this underlying trend is strong. Weekly charts point out towards trend continuation to 15,800-15,850 on the way towards 16,250 as an achievable target. On the last day of the week, Nifty just snaps its winning streak as the day closed almost unchanged. Nifty is in a state of a strong trend and at best we could see 1-3 days of corrective decline. The low of the day Nifty took support at the gap area between 15,600-15,610 and bounced off the lows. This is a trend continuation signal. Buy dips or endure a couple of days of listless action. Nifty should see a steady rally to 15,800-15,850 and notwithstanding short-term declines. Rally over the course of the month should hit 16,000+ levels. Stay with the trend.

Market At Close |  Market Gains For 3rd Straight Week; Nifty & Sensex Rise Over 1% Each.

Market At Close | Market Breadth Favours Advances; Advance-Decline Ratio At 4:3

Market At Close | Sensex & Nifty Close Flat With Banks Dragging The Market. Midcaps Outperform Frontliners With Midcap Index Gaining Nearly 1%.

Rupee At Close | The Indian rupee ended lower at 73 per dollar, amid selling in the domestic equity market after RBI kept the key rates unchanged. The local currency opened lower at 73.02 per dollar against Thursday’s close of 72.91 and traded in the range of 72.95-73.12.

Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments

The index has closed a few points below 15,700 but the trend still remains positive and we should head to 15,900-16,000. The Nifty has multiple supports at 15,600,15,400 and 15,300. The most crucial of these is the 15,300 level which needs to be respected on a closing basis. Intraday dips should be utilized to accumulate buy positions on the index for higher targets.

Market This Week | Here are the highlights of market performance in this week

- Market Gains For 3rd Straight Week; Nifty & Sensex Rise Over 1% Each

- Midcap Index Gains Over 3% & Nifty Bank 0.4%; Realty Index Top Gainer

- 40 Of 50 Nifty Stocks Give Positive Returns This Week

- ONGC, Adani Ports, Bajaj Fin, Titan, Tata Motors Top Nifty Gainers

- M&M, ITC, Infosys Top Nifty Losers This Week

Market At Close | Here are the highlights of today’s market performance

- Sensex & Nifty Close Flat With Banks Dragging The Market

- Midcaps Outperform Frontliners With Midcap Index Gaining Nearly 1%

- Sensex Slips 132 Points To 52,100 & Nifty 20 Points To 15,670

- Nifty Bank Falls 357 Pts To 35,292 While Midcap Index Rises 189 Pts To 26,552

- PSUs Like ONGC, Coal India & IOC Amongst Top Nifty Gainers

- L&T Rises Nearly 2% Post Positive Comment From Management

- Adani Stocks Continue To Move Higher; Adani Ent Up 8%, Adani Pwr Up 5%

- Housing Fin Cos Gaining On Continued Upmove In PNB Housing

- Indiabulls Housing Fin Surges 14%, LIC Hsg 6% & HDFC Over 1%

- Bharat Forge Surges 8% On Better-than-expected earnings & Strong Outlook

- NMDC Rises 4% As Private Miners Likely To Have Hiked Prices

- Spandana Sphoorty Rises 7% On Rpts Of Axis Bk Mulling To Buy The Company

- Market Breadth Favours Advances; Advance-Decline Ratio At 4:3

Closing Bell | Indian equity benchmark indices ended lower Friday after the RBI kept the key policy rates unchanged while maintaining an accommodative stance. The Sensex fell 132.38 points, or 0.25 percent, to close at 52,100.05, while the Nifty settled 20.10 points, or 0.13 percent, lower at 15,670.25. Broader markets outperformed the benchmarks with the midcap and smallcap indices up 0.7 percent and 0.4 percent, respectively.

Among sectors, gains were seen in metals, auto and realty indices, while banks, FMCG  and pharma indices ended in the red. On the Nifty50 index, Tata Motors, Grasim Industries, Coal India, Bajaj Finserv and ONGC were the top gainers while Nestle India, SBI, Hindalco Industries, HDFC Bank and Axis Bank led the losses.