Markets end listless in volatile trade; investors stay cautious ahead of key economic data

Benchmark Indices erased all the day’s gains and closed on a flat note with Sensex closing at 52,372.69 (-0.03 percent) and Nifty 50 closing at 15,692.60 (+0.02 percent). Strong buying was seen in realty stocks with Nifty Realty gaining +3.61 percent. Among individual stocks Indiabulls Real Estate gained 15 percent, Sunteck Realty gained 5 percent and Hemisphere Properties gained 4 percent today. Some selling is seen in IT, metal, Oil & Gas and Power stocks. BSE mid cap and small cap indices ended on a positive note.

Paytm received shareholder’s nod for its Rs 16,600 IPO. "In the absence of a fresh trigger, the market remained range-bound. Immediate resistance levels for Nifty 50 are 15900 while key support levels for Nifty 50 are 15600. Result season has kicked-off and we can see stock-specific action in the ongoing weeks," said Mohit Nigam, Head-PMS, Hem Securities.

Technically, the Nifty50 index slipped below Middle Bollinger Band formation and 21-days SMA, which indicates a bearish move in the counter for the near-term, said Sumeet Bagadia, Executive Director, Choice Broking. Moreover, an indicator MACD & Stochastic is showing a negative crossover on the daily chart, which suggests weakness in the index for the upcoming days. At present, the Nifty seems to have resistance at the 15,800 levels while immediate support comes at 15,550 levels," he said.

Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said, "As long as the support holds, the odds of market bounce back remain alive for the next 1-2 sessions. A decisive move below the support is likely to extend weakness to 15500 levels. On the upside bounce, the area of 15800 could be a crucial resistance to be watched."

Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities, said, "On the first day of the week, the market opened higher on the back of positive sentiment in the global market, however, another round of booking brought the Nifty and Sensex back to the level of 15,650/52,200. Based on the daily chart, Nifty/Sensex is entering an interesting phase. For almost 27 days, the market has been consolidating within the trading range of 300 points, which is remarkable and indicates a make or break in the near term. Today, cyclical stocks performed well, while defensive and energy stocks ended weak. The positive thing is that the market survived above 15,600/52,100 levels. The Nifty/Sensex would go to the level of 15,500/15,450 (51600) after dismissal. The 15,700/52,400 and 15,780/52,700 levels, on the other hand, would be the main levels of resistance.”

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