BSE Sensex and NSE Nifty 50 ended practically 1 per cent down on Tuesday, amid nervousness within the international markets. BSE Sensex ended 509 factors or 0.9 per cent to 53,887, whereas NSE Nifty 50 settled at 16,058. Stocks of index heavyweights akin to Infosys, ICICI Bank, HDFC Bank, Housing Development Finance Corporation (HDFC), and Hindustan Unilever (HUL) contributed probably the most to the indices’ losses. Broader market outperformed fairness frontliners. S&P BSE Midcap fell 0.5 per cent, whereas S&P BSE SmallCap index was down 0.52 per cent.
Rupak De, Senior Technical Analyst at LKP Securities
Nifty has slipped under the earlier session’s low as bears remained on the helm. It has shaped a small-bodied candle just under an vital transferring common, indicating a bearish day of gentle significance. On the decrease finish, nevertheless, 16000 is prone to act as essential help. On the upper finish, resistance is seen at 16200, the place significant name writing has occurred.
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Palak Kothari, Senior Technical Analyst, Choice Broking
On the technical entrance, the Nifty has been buying and selling with increased low & decrease low formation from the final three day which recommend damaging improvement on a chart formation. Furthermore, the Index has shaped a bearish candle on a each day timeframe which suggests bears are fairly energetic. Nifty has taken help from 21HMA i.e., 16025 ranges & given closing above the identical which factors breaching under the identical can present extra draw back rally. On the OI Data, On the decision aspect the best witnessed at 16500 stage & adopted by 16200 whereas on the put aspect was at 16000 stage adopted by 15700. The momentum indicators Stochastic is buying and selling with a damaging crossover & bounced from overbought zone on a each day timeframe which recommend southward journey within the counter. The Nifty could discover help round 16000-15900 ranges whereas on the upside 16260 could act as a direct hurdle. On the opposite hand, Bank nifty has help at 34500 ranges whereas resistance at 35500 ranges. Overall, Stock particular second has been noticed sustained breaching under 16000 stage can present extra downward motion.
Vinod Nair, Head of Research at Geojit Financial Services
Rate hike fears are again in focus within the international markets forward of the discharge of CPI numbers. Inflationary pressures together with robust US jobs information would hold the Fed on the trail of aggressive charge hikes. On the home inflation entrance, retail inflation for the month of June is anticipated to be at 7.03%, sustaining the earlier month’s ranges. Demand considerations amid the rebound of virus instances in China compelled crude to commerce decrease.
Kunal Shah, Senior Technical Analyst at LKP Securities
The Bank Nifty index shaped an inside bar candle on the each day chart which signifies the market is caught between the vary of 35,000-35,600. The undertone stays bullish so long as the talked about help of 35,000 is held on a closing foundation. The upside resistance if taken out will see a fast transfer in direction of the extent of 36000 the place the best open curiosity is constructed up on the decision aspect.
Source: www.financialexpress.com”