Sensex Today: A tepid global mood capped gains in the markets on Tuesday with the benchmark indices slipping up to 0.29 per cent.
Weighed by Reliance Industries, Infosys, TCS, HCL Tech, Airtel, and Wipro, the S&P BSE Sensex fell 199 points to end at 73,129 levels. The Nifty50, on the other hand, shut shop at 22,032 levels, down 65 points.
The broader markets, too, fell in tandem with the frontline indices with the BSE MidCap index dropping 0.31 per cent, and the BSE SmallCap index shedding 0.43 per cent.
Among sectors, the Nifty Realty index declined 1.95 per cent, the Nifty IT index 1.3 per cent, and the Nifty Pharma 1.14 per cent. On the upside, the Nfty Metal index gained 1 per cent.
Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas:
The Nifty opened on a weak note and witnessed a day of consolidation. It traded in a narrow range and ended the day on a negative note down 65 points. On the daily charts we can observe that the Nifty has faced resistance around the psychological level of 22000. The hourly momentum indicator has triggered a negative crossover indicating loss of momentum on the upside.
Considering the current price and momentum setup we expect Nifty to consolidate within the range 21900 – 22200 from short term perspective. Stock specific action and sector rotation is likely during this period of consolidation. Aggressive longs should be avoided and adherence to strict stoploss levels for the long positions is advised.
Bank Nifty has witnessed a consolidation today which is a brief pause in the overall uptrend. We expect the momentum to continue on the upside over the next few trading sessions. On the upside target 48650 – 49000 from short term perspective.
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