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Updated on: Friday, December 10, 2021, 05:36 PM IST

Markets erase most of its losses to end marginally lower, snap 3-session gains

The broader Nifty was down 5.50 points or 0.03% at 17,511.30. / Reresentative Image |

The broader Nifty was down 5.50 points or 0.03% at 17,511.30. / Reresentative Image |

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The benchmark indices closed flag on December 10. At close, the Sensex was down 20.46 points or 0.03% at 58,786.67.

The broader Nifty was down 5.50 points or 0.03% at 17,511.30. About 2024 shares have advanced, 1165 shares declined, and 125 shares are unchanged.

Among winners on the Nifty were Asian Paints, Grasim Industries, SBI, SBI Life Insurance and M&M. Divis Labs, Titan Company, HDFC, Kotak Mahindra Bank and Tata Consumer Products were among losers.

Amol Athawale, Deputy Vice President - Technical Research, Kotak Securities Ltd, said, "Markets moved in tandem with weakness in other Asian and European indices and ended a tad lower. Markets regained most of its lost ground but selective selling saw bears had the last laugh. The Nifty has formed a double bottom formation which is broadly positive in the short term. It has also formed a bullish candle on weekly charts indicating a further uptrend from current levels."

"We are of the view that the uptrend will continue but before a fresh breakout the market may consolidate within the range of 17350 to 17600. Above the same, we could see the continuation wave up to 17700-17850 levels. On the flip side, dismissal of 17350 could possibly trigger one more leg of correction up to 17300-17260 levels. Contra traders can take a long bet near 17260 level with a strict support stop loss of 17200," he added.

Athawale further added that, "In the meantime, after a reversal formation the Bank Nifty is currently trading near the 50 and 20 day SMA. Direction wise, the uptrend will remain intact as long as Bank Nifty does not break 36550, which is an important retracement level."

Deepak Jasani, Head-Retail Research, HDFC Securities, "Nifty ended almost flat on December 10 after it fell to touch an intra day low just after noon and later recouped all the losses. Nifty opened higher, fell to make an intra day low at 1245 Hrs and later inched up to close almost flat. At close, Nifty was down 5.5 points or 0.03 percent at 17,511.3."

On a day when the volumes on the NSE were in line with recent average, Realty, Oil & Gas and Power indices rose the most while Consumer Durables and Telecom indices fell the most. BSE Midcap index rose 0.39%, while Smallcap index rose 0.85%.

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Published on: Friday, December 10, 2021, 03:59 PM IST
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