Taking Stock: Sensex-Nifty closed in red mark amid weak global cues, small and medium stocks shine

The market has looked a bit sluggish today after a steady rise. The market traded in a range today. Nifty and Sensex traded flat. On the other hand, small and medium stocks saw a rise. The midcap index closed at a new high for the sixth consecutive day. Midcap index closed above 27,000 for the first time. The Nifty IT index also closed at a record high.

Today there was buying in Pharma, FMCG and Realty shares. There was also good buying in sugar stocks. Banking and metal stocks remained under pressure. Midcap and smallcap outperformed the heavyweights in today’s trade. BSE Midcap closed with a gain of 0.38 percent and Smallcap 0.93 percent.

Vinod Nair of Geojit Financial Services Says that taking signals from the weakness in Asian markets, Indian markets also slipped from their all-time high. However, the gains in mid and smallcap continue. He further said that the global market is waiting for the US inflation data, which can predict the global recovery and the upcoming decisions of the US Fed. Due to this we may see some volatility in the market going forward.

If we look at different sectors, the BSE Metal index has closed down 1.38 percent. BSE Bankex closed with a decline of 0.96 percent. At the same time, there has been a decline of 0.68 percent in the finance index. BSE Telecom closed with a gain of 1.72 percent. It has also been today’s top gainer.

Today, about 550 stocks have touched a 52-week high on the BSE. This includes NTPC, Titan, ACC, UPL, Wipro, Tata Consumer Products, Adani Power, Balkrishna Industries and Birlasoft.

About 600 shares touched the upper circuit in today’s trading. This includes DB Corp, Majesco, Neuland Laboratories, Somany Home Innovation, Reliance Infrastructure, Bajaj Hindustan Sugar and Reliance Power.

technical view

Nifty today formed a hanging man formation on the daily scale, indicating uncertainty in the market. Mazhar Mohammad to chartviewindia.in It says that Nifty may be in distribution phase. If Nifty closes below 15600, then we will see further downside and it can move towards 15459–15375.

On the other hand, if Nifty manages to learn above 15,778, then we can see the level of 15850-15929 in it. Traders would be advised to keep a neutral outlook on the index. But the advance-decline ratio seems to be favoring the bulls, so keep an eye on select quality stocks.

Rohit Singre of LKP Securities Says that the resistance is seen for Nifty at 15,800 level. If Nifty manages to cross it, then we can see the level of 16000.

Support for Nifty is at 15,680-15,600 levels. Any downside found near this level should be a buy. For this, keep a stop loss of 15,470.

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