New Delhi: Devarsh Vakil – Deputy Head Retail Research, HDFC Securities on Tuesday said that Nifty broke the 5 session’s winning streak by falling 65 points to close at 22032 weighed down mainly by realty and IT stocks.
He said that Nifty hit a fresh all time high at 22124 and witnessed minor profit booking during the session. Cash market volumes were higher as compared to the last ten-day’s average.
He said that Nifty Midcap 100 and Smallcap 100 Indices witnessed profit booking at higher levels fell by 0.36 per cent and 0.48 per cent respectively.
“Declining shares outnumbered the advancing shares, as the advance decline ratio stood at 0.53 levels on BSE,” he said.
He said that the Australian and Japanese shares slipped, while futures for US equities edged lower after a Monday holiday.
He said that Reliance Industries Ltd. contributed the most to the index decline, decreasing 1.4 per cent. Divi’s Laboratories Ltd. had the largest drop, falling 2.4 per cent.
“Among sectors, Nifty Metal, OIL/GAS and Media gained the most while Reality, IT and Pharma ended in the red,” Devarsh Vakil said.
He said that the previous swing high of 21834 is expected to act as a strong support for the Nifty.
“Short term resistance for the Nifty is seen in the zone of 22200-22250,” he said.
He said that bank Nifty ended the session with “Doji” candlestick pattern on the daily chart, which indicates indecision amongst the traders.
“A level above 48400 could bring back the bullish momentum in the Bank Nifty,” he said.
–IANS
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