The benchmark Indices closed on a flattish note with Sensex 0.04 percent and Nifty 50 (-) 0.05 percent. Major Indices declined more than 1 percent but later recovered from the intra-day low in today’s session. It is a buy-on-dips kind of market so at the lower levels buying was seen that gave support to the market, said Mohit Nigam, Head-PMS, Hem Securities.
"Expect positive for real estate stocks as Mumbai's Mayor Kishori Pednekar on Friday (June 18) said that there will be no hike in property tax in Mumbai till the COVID-19 situation continues," he added.
Adani Ports, Bajaj Auto and HUL were among the top gainers in Nifty 50 while ONGC, Coal India and JSW Steel were among the top losers in Nifty 50 today. Immediate support and resistance are intact at 15,600 and 15,850 for Nifty 50.
The benchmark index erased opening gains and crashed badly from the day high of 15756.50 levels, it made a low at 15451.50 levels after that index showed good recovery during the day and settled at 15724.95 levels with gains of 0.21percent while Bank Nifty ended at 34,558 with a loss of 47 points. All the Nifty indices were trading in red, led by the Nifty Metal & PSE indices.
Technically, the Nifty index has formed a Hammer candlestick pattern in the recent trade on the daily chart, which indicates a further upward move in the counter, said Sumeet Bagadia, Executive Director, Choice Broking. Moreover, the index has also tested good support at its prior level of 15431, which suggests immediate support for the near term. In addition, on an hourly chart, the index has turned upward from the oversold zones, which point out positive moves for the upcoming session. At present, nifty has an immediate support at 15,430 levels, whereas 15,900 may act as a resistance zone.
Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities, said, "Technically, post-strong uptrend rally, the Nifty/Sensex has formed Hammer candle stick pattern which clearly indicates indecisiveness between bulls and bears. However, the medium term texture of the benchmark indices is still bullish and likely to continue in the short run. We are of the view that post strong uptrend rally the market is hovering in the range of 15,450 to 15,900/ 51,900-52,850 levels. The texture of the chart suggests 15,400/51,800 should be the sacrosanct level for the bulls and as long as its trading above the same, uptrend is likely to continue up to 15,800-15,900/52,600-52,850 levels. Further upside may also continue which could lift the index till 16,050-16,130/ 53,100-53,300. On the flip side, below 15,400/51,800, uptrend would be vulnerable. On sector-specific front, capital goods, infrastructure, and telecom stocks are likely to outperform in the near future" he said.