Sensex, Nifty end flat with negative bias; here’s what experts make of today’s trade

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Updated: June 08, 2021 4:30 PM

Sensex and Nifty ended the day flat with negative bias after witnessed some volatility.

stock market todayTech Mahindra, Bharti Airtel, and Infosys were the top gainers on Sensex on Tuesday. (Image: REUTERS)

Sensex and Nifty ended the day flat with negative bias after witnessed some volatility. Nifty opened at all-time highs of 15,778 but soon slipped into the red. Recouping most losses, the index ended the day 11.55 points lower at 15,740. Sensex closed at 52,275. Tech Mahindra, Bharti Airtel, and Infosys were the top gainers on Sensex while Kotak Mahindra Bank, HDFC, SBI, and HDFC Bank were the top laggards. Among sectoral indices, Nifty Bank, Nifty Financial Services, Nifty PSU Bank, Nifty Private Bank, and Nifty metal closed with losses while others ended with gains. Broader markets outperformed the benchmark index while the volatility index ended with losses. 

Nagaraj Shetti, Technical Research Analyst, HDFC Securities –

“A small negative candle was formed at the new highs of 15778 with minor lower shadow. Technically, this pattern displays ongoing choppy movement in the market. The Nifty continues to move in a range and the short term uptrend status remains intact. There is no evidence of any reversal pattern forming at the highs. A sustainable move above 15800 levels, one may expect Nifty to reach towards 16200 levels over the period of time. Immediate support is placed at 15670.”

Vinod Nair, Head of Research at Geojit Financial Services

“Tracking cues from weak Asian peers, benchmark indices failed to sustain its momentum to stay at all-time highs, however, buoyancy in the broad market is maintained. Global markets are awaiting U.S inflation data, due on Thursday, to get cues over Fed policy outlook and global recovery, which will bring some volatility during the week.”

S Ranganathan, Head of Research at LKP securities

“Today’s Trade quite clearly belonged to the Midcap Bulls as we saw both High-Quality Midcaps across sectors together with Smallcaps rallying on sustained buying interest. Advance-Declines too was encouraging today with buying seen across a wide array of stocks. The Power stocks saw high activity with all Three entities recording gains with high volumes.”

Mohit Nigam, Head, PMS – Hem Securities –

“A good reversal was seen in Nifty 50 from the immediate support level of 15,700 and trading above 15,700 is positive from a short term perspective. Strong buying is witnessed in the IT and Telecom sector whereas selling is seen in the metal and banking sector. Tech Mahindra and Tata Motors were the top gainers while Hindalco and Tata Steel were the top losers in Nifty 50 today. Immediate resistance levels for Nifty 50 are 15850 and 16000 while key support levels for Nifty 50 are 15500 and 15300.”

Ajit Mishra, VP – Research, Religare Broking –

“Markets ended almost unchanged in a volatile trading session, in absence of any major trigger. The benchmark started on a flat note but selling pressure in the banking majors pushed the index lower in the first hour of the trade. The broader markets continued their outperformance and ended on a positive note in the range of 0.4-0.9%. In absence of any trigger, we may see further consolidation in the index thus it’s prudent to continue with a stock-specific trading approach. Needless to say, stability in the banking index is critical for further directional move in Nifty else the lackluster move would continue.”

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