Sensex, Nifty erase intra-day gains to end in red; is market trend turning negative now?

By: |
June 09, 2021 4:14 PM

S&P BSE closed the day at 51,941, while the Nifty ended down at 15,635, after having reached an all-time high of 15,800 earlier in the day.

stock market todayBank Nifty ended 0.8% lower. (Image: REUTERS)

Sensex and Nifty erased all gains and turned during the latter half of the trading session. S&P BSE closed the day at 51,941, while the Nifty ended down at 15,635, after having reached an all-time high of 15,800 earlier in the day. Power Grid was the top Sensex gainer surging 3.8%, followed by NTPC, Titan, and Asian Paints. Index heavyweight Reliance Industries Ltd, Bharti Airtel, and Larsen & Toubro were the top laggards on the index. Bank stocks were under pressure with ICICI Bank, Axis Bank, SBI, and HDFC Bank all closing with losses. Bank Nifty ended 0.8% lower.

Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments –

“The index has been facing resistance at higher levels for a couple of days. As a result of this nervousness, it has given up some gains today which could be attributed to profit booking. However, the trend continues to remain positive as the Nifty has not broken 15600 on a closing basis. Traders can utilize this drop as an opportunity to accumulate long positions on the index for higher targets of 15900-16000.”

Vinod Nair, Head of Research at Geojit Financial Services

“Domestic market witnessed profit booking due to dull opening of European markets. Global investors remained cautious ahead of European Central Bank (ECB) policy decision and US inflation data to be released on Thursday. ECB is expected to continue its bond-buying policy to support a recovering economy. And US inflation is forecasted to be high but transitory, both these factors, if inline, will provide comfort to the market.”

S Ranganathan, Head of Research at LKP securities

“As the onset of Monsoon lashed the Financial Capital of the country and cooled the heat, today’s afternoon trade did see a cool off in the Small & Midcap segment as investors booked profits. While Gas stocks witnessed selling, Power stocks continued their upward trajectory today also on sustained buying despite profit-taking seen at higher levels. In the broader market, as the IPO season began we saw accumulation in Paper stocks on the expectation of producers raising prices.”

Mohit Nigam, Head, PMS – Hem Securities –

“All the major sectoral indices ended in the red and selling pressure is witnessed in Auto, Energy and Telecom stocks. Nifty 50 showed a sharp reversal from an important resistance level of 15,800. 15,500 will be an important support for short term in Nifty 50 and it may be a good buying opportunity around these levels.  Immediate resistance levels for Nifty 50 are 15800 and 16000 while key support levels for Nifty 50 are 15500 and 15300. An increase in Covid cases in China & volatility in international markets are creating some resistance in the rally. Today’s correction can be short term in nature due to some profit booking since we have been making fresh all time highs since past few sessions regularly.”

Sumeet Bagadia Executive Director Choice Broking –

“Technically, on the daily chart, the nifty index has formed a long bearish candlestick at the top of the trend, which could be a sign of trend reversal. Moreover, on four hourly charts, the index has formed a Bearish Engulfing pattern, which indicates bearishness in the counter for the near term. In addition, a momentum indicator RSI has slipped from the overbought zone and Stochastic witnessed a negative crossover on the daily time frame that suggests a downward move in the counter for the upcoming session. At present, the nifty seems to have resistance at around 15800 levels while immediate support is at 15430 levels.”

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