Stock market indices close lower for third consecutive session
Maruti Suzuki, HDFC, HDFC Bank, Tata Motors and Dr Reddy's Labs were among the top Nifty losers
Indian stock market indices plunged lower for third consecutive session. /Representative image |
The stock market indices closed lower for the third consecutive session on April 13.
At close, the Sensex was down 237.44 points or 0.41 percent at 58,338.93. The Nifty was down 54.60 points or 0.31 percent at 17,475.70. About 1, 811 shares have advanced, 1, 494 shares declined, and 136 shares are unchanged.
Among top Nifty losers were Maruti Suzuki, HDFC, HDFC Bank, Tata Motors and Dr Reddy's Labs. ONGC, Apollo Hospitals, ITC, Sun Pharma and UPL were among the top gainers.
In the last week, the benchmark indices witnessed profit booking at higher level, said Amol Athawale, Deputy Vice President - Technical Research, Kotak Securities Ltd.
The Nifty ended 309 points or 1.73 percent lower, while the Sensex down by 1,122 points. Due to tepid global market conditions, temporary overbought situation and ahead of long weekend, traders preferred profitbooking at higher levels.
In last three trading session, the nifty/ Sensex corrected nearly 350 /1,150 points. Among sectors, profit booking was seen in IT, Metal and Reality stocks whereas Energy stocks outperformed, as a result Nifty Energy index rallied over 2.4 percent.
Technically, during the week the market broke the last week lowest level and after a long time it succeed to close below 10-day SMA. further, on daily and intraday charts it is holding lower top formation which is grossly negative.
However, after a 700/2,500 points fall from the monthly highest level, currently the index is trading near 20 day SMA. we are of the view that, the index consistently witnessing profit booking at higher level, the texture is weak but high chances of pullback rally is not ruled out if the index stand above 20 day SMA. above which the nifty/Sensex could move up to 17,700/59,000 or 10 day SMA. further upside may also continue which could lift the index up to 17,800-17,850/59,300-59,450. On the flip side, 17,450-17,400/58,200-58,000 would be the sacrosanct support zone. Below the same, index would retest the level of 17,200-17,100/57,300-57,000.
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