The Sensex was down 14.77 points or 0.03 percent at 55,944.21, and the Nifty was up 10.10 points or 0.06 percent at 16,634.70. About 1941 shares have advanced, 1180 shares declined, and 107 shares are unchanged.
"Nifty traded in a small range today. It made a new all-time high of 16,712 and took resistance there. It closed flat at 16,635 up by 10 points. Nifty has resistance in 16,700-16,720 range above which it can test 16850 levels. Nifty has strong support in 16,550 – 16,580 range. Traders can consider a buy on dips strategy for the current market scenario," said Gaurav Udani, CEO & Founder, ThincRedBlu Securities.
The Index has opened on a gap-up note at16,634.65 levels and made an intraday high at 16,712.45 level but showed profit booking from the top and closed the session at 16,634.65 levels with a moderate gain of 10.05 points. Bank nifty closed the session at 35,586.25 levels with a loss of 125.85 points. On the sectoral Front, Nifty Energy was the top gainer while Nifty Media was the top loser.
Palak Kothari, Research Associate, Choice Broking, said, "On the data front, the Nifty rollover percentages are at around 63.95 percent. Technically, the Index has faced resistance from the previous level of 16700 and made a Shooting Star kind of candle, which suggests correction can come in upcoming days. Moreover, the Index has given closing below 9HMA, which suggests some downside movement can come in the upcoming session. Furthermore, Momentum Indicator Stochastic is also showing negative crossover in the hourly chart which suggests some weakness for the next trading session. At present, the nifty index has immediate resistance at 16,720 levels while downside support shifted up to 16,400 levels."
Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities Ltd, saidthe larger texture of the market is still bullish, but for day traders the 16,700-level would act as a major hurdle. "Above the same, the uptrend could continue up to 16,750-16,790 levels. On the flip side, a strong possibility of quick intraday correction up to 16,580-16,550 levels is not ruled out if the Nifty succeeds to trade below 16,620."
Mohit Nigam, Head - PMS, Hem Securities, said some buying interest is seen in selected Oil and Gas, Metals, IT and FMCG stocks while some pressure is seen in Pharma, Realty and Auto stocks. "Shares of sugar companies climbed after Cabinet hikes FRP for sugarcane. Finance Minister Nirmala Sitharaman urged banks to come up with specific plans for better credit expansion in north eastern states. Delhivery Pvt, an Indian logistics and supply chain start up plans to file a draft prospectus as soon as October for its initial public offering that could raise $1 billion. On the technical front, 16,300 and 16,750 are immediate support and resistance in Nifty 50," he added.
Nifty traded at all-time high levels of 16,600-16,700 with very stock-specific movement, said Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities. "Broader market participation remains muted. For the month Nifty is up approximately 5 percent while the midcap space is down by 5 percent. The short-term resistance was seen at 16,870 levels. Expect consolidation in the range of 16,300-16,870 for the next few sessions; long aggression is advisable above 16,870 only. Auto and metal stocks look attractive while IT space has rallied significantly in the short term and can witness profit booking."
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