Sensex ends short of 53k, gains 139 points; Zomato makes stellar debut

Sensex ends short of 53k, gains 139 points; Zomato makes stellar debut

FPJ Web DeskUpdated: Friday, July 23, 2021, 09:06 PM IST
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Stocks like ICICI Bank, ITC, Wipro and SBI Life were the top gainers which supported the index for the day |

After a volatile move, the Nifty index traded higher for the day to close at 15,856.05 with a gain of 32 points while BankNifty has gained almost 1 percent in a day to close at 35,034.40.

Shares of Zomato on Friday zoomed nearly 53 per cent in its debut trade against its issue price of Rs 76.The stock made its debut at Rs 115, reflecting a huge gain of 51.31 per cent against the issue price on the BSE. It then hit a high of Rs 138, a jump of 81.57 per cent.

At the NSE, it got listed at Rs 116, registering a premium of 52.63 per cent.

Stocks like ICICI Bank, ITC, Wipro and SBI Life were the top gainers which supported the index for the day while Tata Motors, Grasim, L&T, Adani Ports were the draggers for the day. On the sectoral front, banking, IT< and metals closed in positive territory while Nifty PSE, Capital Goods and consumer durables were the prime laggards.

Sumeet Bagadia, Executive Director, Choice Broking said, "Technically, the Nifty index has been consolidating in a bullish trend with higher highs and higher lows formation, which indicates bullish movement in the counter. Moreover, the Index has given closing above 21DMA & 50 DMA, which further adds strength for the coming session. A stochastic indicator witnessed a positive crossover on the daily time frame, which supports the bullish trend. At present, the Nifty is having support at 15,600 levels while resistance comes at 15,950 levels," he said.

Gaurav Udani, CEO & Founder, ThincRedBlu Securities, said, "Nifty closed around 15,850, up by about 25 points since yesterday's close. It made a doji candle on the daily chart. The volume for the day was lower than yesterday which means that the bulls are losing conviction. 15880 acted as a strong resistance and Nifty failed to close above it. New longs are suggested only if Nifty closes above 16000 levels."

The short-term uptrend of Nifty remains intact. There is a possibility of further consolidation or minor downward correction from the highs in early next week. A sustainable move above 15,900 could open next upside towards 16,100 levels in the short term. Any weakness could find support at 15,750 levels, said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

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