Taking Stock: Market breaks 3-day winning streak; Nifty ends below 14,850, Sensex drops ove 154 pts

Today's Market

Benchmark indices broke its three day winning streak on April 9 and ended lower in the muted trading session. At close, the Sensex was down 154.89 points or 0.31% at 49,591.32, and the Nifty was down 38.90 points or 0.26% at 14,834.90.

“Index witnessed a strong volatile week and closed at 14,837 with minimal loss on the weekly front and formed a Doji candle pattern on weekly chart which represents indecision in the markets,” said Rohit Singre, Senior Technical Analyst at LKP Securities.

“The index failed to sustain above 14,900 zone which means, on the immediate basis index has good resistance at 14900-15000 zone and trading below said levels may show some pressure on every rise. Good support is still placed at 14700-14600 zone,” he added,

Among sectors, pharma index gained over 3 percent and PSU Bank added 2 percent, while metal, infra and auto sectors ended in the red.

BSE midcap ended flat while smallcap index added 0.7 percent.

Cipla, Sun Pharma, HUL, Tech Mahindra and Wipro were among top gainers on Nifty, while losers included Bajaj Finance, UPL, Tata Steel, UltraTech Cement and NTPC.

Stocks & sectors

On the BSE, power and metal indices fell 1 percent each, while selling was also seen in oil & gas, bank, auto and capital good names.

Among individual stocks, a volume spike of more than 100 percent was seen in Alkem Pharma, Cipla and Cadila Healthcare.

Long buildup was seen in Alkem Pharma, Pfizer and Glenmark Pharma, while a short buildup was seen in Ambuja Cements, Bajaj Finance and HDFC AMC.

More than 200 stocks, including TCS, NMDC and JSW Energy, hit a fresh 52-week high on the BSE.

market snapshot 0904

Technical View

The Nifty formed a doji candle with a long lower shadow on a weekly basis while a small Bearish candle on daily scale indicating buying at lower zones.

“The Nifty has to decisively cross and hold above 14,880 zone for an up move towards 15,000 and 15,100 zones while on the downside support exists at 14,750 and 14,650 levels,” said Chandan Taparia of Motilal Oswal Financial Services.

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