Benchmark indices NSE Nifty 50 and BSE Sensex ended the week’s last trading session in red. The Nifty 50 fell 0.07% or 13.85 points to settle at 19,646.05 and the Sensex slipped 106.62 points or 0.16% to close at 66,160.20. In sectoral indices, Nifty Bank fell 0.46%, Nifty Auto slipped 0.22%, Nifty Financial Services fell 0.41%, Nifty IT slipped 0.86%, and Nifty Private Bank fell 0.33% while Nifty Metal jumped 0.90%, Nifty FMCG gained 0.88%, Nifty Media surged 1.38%, Nifty PSU Bank gained 0.30%, Nifty Pharma rose 0.29%, Nifty Oil & Gas gained 0.32% and Nifty Realty soared 1.83%. The top gainers on the Nifty 50 were NTPC, Power Grid Corporation of India, Apollo Hospitals Enterprises, Adani Ports & Special Economic Zone and Mahindra & Mahindra while the losers were Baja Finserv, HDFC Bank, BPCL, TCS, and HCL Technologies.
“The better-than-expected US Q2 GDP data, though positive, hindered the mood of the domestic market as it signalled the chances of another rate hike. The Fed chief’s comments about a data-centric approach without ruling out rate hikes added to the uncertainty. Furthermore, the reversal of the buying trend by FII and the rise in US bond yields contributed to market volatility. However, Asian markets remained largely positive due to the BOJ’s decision to retain the policy rate, contrary to speculation about the removal of stimulus measures,” said Vinod Nair, Head of Research at Geojit Financial Services.
Where are NSE Nifty 50, Bank Nifty headed?
Nifty could slip till 19450-19400 if it breaches 19580
“On intraday charts, the Nifty has formed a lower top formation, which is largely negative. For positional traders, the 20 day SMA or 19580 would act as a sacrosanct support zone. If the index succeeds to trade above the same, then it could bounce back till 19800. On further upside it could lift the market till 19900. On the flip side, a fresh sell off is possible only after the dismissal of 19580 and below the same it could slip till 19450-19400,” said Amol Athawale, Technical Analyst (VP), Kotak Securities Ltd.
Bank Nifty could slip till 44700-44500 if it falls below 45250
Bank Nifty 20 day SMA or 45250 could be the trend decider level and above the same the index could move up till 45700-45900. On the other side, below 45250 it could slip till 44700-44500.