Taking Stock: Market continues to decline, Nifty below 15700, know how the market may move ahead

Today, the downward trend continued in the market for the fourth consecutive day. On July 1, i.e. today Nifty slipped below 15700. At the end of trading, the Sensex closed at 52,318.60, down 164.11 points, or 0.31 per cent. At the same time, the Nifty closed at 15,680, down 41.50 points, or 0.26 percent.

Ashish Biswas of CapitalVia Global Research Says that the market saw another volatile session in the short range of 15,680-15,750 today. The market is indicating that the Nifty holding above the support zone of 15,680-15,700 is positive for the Nifty from a short-term perspective. He further said that if Nifty stays above 15750 then we can see recovery towards Nifty 1,5900. Technical indicators are telling that Nifty may see volatility in the range of 15650-15900. Ashish Biswas advises that traders should avoid taking any new buying positions in the market until the market shows a firm direction.

Looking at different sectors, today’s business saw buying in auto, FMCG, pharma and PSU bank. At the same time, selling was seen in energy, bank, metal, infra and IT. Today BSE midcap closed with a slight decline. At the same time, the smallcap index closed with a gain of 0.3 percent.

Bajaj Finserv, Gland Pharma, Shree Cement, Britannia, and Infosys were the top losers on Nifty. On the other hand, Dr Reddys Labs, Hindalco Industries, Bajaj Auto, Tata Motors and Sun Pharma were the top gainers on the Nifty.

Selling was seen in bank, capital goods, IT, power and realty stocks in BSE today. At the same time, there was a boom in auto, FMCG and healthcare.

Looking at the individual stocks, Info Edge, Dabur India and Dr Reddys Laboratories saw a rise of over 300 per cent in volume.

Long buildup was seen in Dabur, Info Edge and SRF. At the same time, there was a short buildup in Power Finance Corporation, Cholamandalam Investment and Finance Company and Escorts.

More than 400 stocks made new 52-week highs on BSE today. These include the names of Steel Strips Wheels, Shree Renuka Sugars, Persistent Systems, Mindtree and Dr Reddys Laboratories.

technical view

Mazhar Mohammad of Chartviewindia.in Says it looks like the bears are gradually tightening their grip on the market as Nifty today closed below its 7 day old Minor Consolidation Zone located near 15,900 -15,700. For now, traders are advised to take a short position in Nifty on closing basis with a stop loss of 15,700 and target 15,550.

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