Taking Stock: Weakness in the market for the second consecutive day, metal and banking stocks showed maximum pressure

On June 29, ie, profit-booking was seen for the second consecutive day in today’s business. At the end of trading, the Sensex closed at 52,549.66, down 185.93 points, or 0.35 per cent. On the other hand, Nifty closed at 15,748.45, down 66.25 points or 0.42 per cent.

Like the Asian markets, today the Indian markets showed pressure. Market sentiments were affected due to the increasing cases of Delta variants of Corona and the re-implementation of Corona restrictions in Asia, Europe, South Africa, South America.

Arijit Malakar of Ashika Stock Broking It says that due to the deployment of 50,000 additional troops on the China border from India, geopolitical tension also showed its effect on the market sentiment. He further said that the government has made 8 new announcements to provide relief to the economy battling the Corona epidemic, although despite this, all the indices except Pharma and FMGC closed in the red mark in today’s business.

If we look at different sectors, except Pharma and FMGC, all the indices closed in the red mark, in which Nifty Bank, Metal and PSU Bank saw a decline of 1-1 per cent. Along with the giants, there was pressure on small-medium stocks today. The BSE Midcap index closed down 0.4 per cent. While the smallcap index closed flat.

IOC, ONGC, Hindalco, Kotak Mahindra Bank and Coal India were the top losers of Nifty while Power Grid Corp, Cipla, HUL, NTPC and Divis Labs were the top gainers of Nifty.

If we look at the BSE, auto, bank, metal and oil & gas indices slipped 1 percent in today’s trade. On the other hand, buying was seen in FMCG and Healthcare index.

If we look at the individual stocks, Marico, Bharat Forge and Godrej Consumer Products saw a rise of more than 500 percent in volume.

Power Grid, Au Small Bank and Marico saw a long buildup. Whereas HDFC Life, Apollo Tires and Coromandel International saw short buildup.

In today’s trading, more than 400 stocks hit a new 52-week high on BSE. These include the names of Pidilite Industries, Marico, Balrampur Chini Mills and Ajanta Pharma.

technical view

Chandan Tapadiya of Motilal Oswal Financial Services Says Nifty formed a small bodied bullish candle on daily scalp today and gave second biggest daily closing. It has formed a bearish candle and rejected its higher loss formation in at least 3 trading sessions.

He further said that if Nifty has to go in the zone of 15,900 and 16,000, then it will have to stay above 15700. On the downside, there is support for Nifty in the 15,600 and 15,500 zones.

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