Sensex ends in red despite fag-end buying, Nifty holds 15750; check support, resistance levels

Sensex shed 111 points or 0.21% on Friday to settle at 52,907 while NSE Nifty 50 index slipped 28.20 points or 0.18% to end at 15,752.

Bank Nifty gained 0.34% while India VIX was down 2.7% but still above 21 levels. (Image: REUTERS)

Bulls attempted a comeback in the dying minutes of trade on Friday as Sensex and Nifty trimmed losses and even turned positive. However, bears overpowered them and forced the headline indices to close in red. Sensex shed 111 points or 0.21% on Friday to settle at 52,907 while NSE Nifty 50 index slipped 28.20 points or 0.18% to end at 15,752. Reliance Industries was the top Sensex laggard, falling 7.14%, followed by Power Grid, and Bajaj Auto. Bajaj Finance, however, was the top gainer, up 3.84%. ITC, Bajaj Finserv, and Asian Paints were the other gainers. Bank Nifty gained 0.34% while India VIX was down 2.7% but still above 21 levels. 

Deepak Jasani, Head of Retail Research, HDFC Securities –

“Nifty on July 01 recovered most of the morning losses caused by the imposition of duties on crude oil and petroleum products this morning. Nifty opened gap down and fell making an intra-day low at 1015 Hrs. It later recovered and closed marginally in the red. Nifty has formed a bullish hammer pattern though its placement is not ideal. 15619-15861 could be the band for the Nifty in the near term.”

Mohit Nigam, Head – PMS, Hem Securities –

“On the technical front, Nifty closes above 15700 which is a crucial support and if it sustains above this level for a few sessions, we may witness an up move towards 16000. Immediate support and resistance for Nifty are 15,600 and 15,900 respectively. Immediate support and resistance for Bank Nifty are 32,800 and 33,750 respectively.”

Palak Kothari, Senior Technical Analyst, Choice Broking –

“Nifty has taken support from 100-HMA & given closing above the same suggested strength for next trading session. The momentum indicators Stochastic & MACD are trading with a positive crossover on a daily chart which suggests a northward journey in the counter. The Nifty may find support around 15500 levels while on the upside 15900 may act as an immediate hurdle crossing above the same can show upside rally. On the other hand, Bank nifty has support at 32600 levels while resistance at 34000 levels. Overall, Nifty is looking strong with the support of 15500 level crossing above 15900 can show more upside.”

Vinod Nair, Head of Research at Geojit Financial Services –

“Unfavorable cues from the domestic market led to a weak start due to weakness in the rupee and selling in oil refineries as the government imposed an additional export duty on petrol and diesel. Adding to the weakness, India’s factory output growth slowed down during June, as high inflation continued to dampen demand. However, the FMCG sector witnessed strong buying supported by declining commodity prices on the belief that the prices have peaked out.”

Ajit Mishra, VP – Research, Religare Broking –

“The recent consolidation phase indicates caution citing the recent fall in the global indices. We reiterate our view to focus on sectors/themes which are showing resilience and attracting buying interest on dips. We like auto and FMCG among the sectoral pack while a rebound in energy and metal may continue to underperform. Participants should align the positions accordingly.”

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