Taking Stock | Market ends flat in volatile trade; FMCG stocks outperform, metals slip

Today's Market

The benchmark indices ended flat after a volatile session on May 14, with the BSE Sensex adding 41.75 points, or 0.09 percent, to close at 48,732.55 and the Nifty ending 18.70 points, or 0.13 percent, lower at 14,677.80. For the week, the Sensex and the Nifty shed a percent each.

Except FMCG, all other sectoral indices ended in the red, with the Nifty metal index declining nearly 4 percent. BSE midcap and smallcap indices fell more than a percent each.

“The index closed the week at 14,678 with the loss of nearly one percent and formed a dark cloud cover sort of candle pattern on weekly chart, which is a bearish reversal candle by nature,” said Rohit Singre, Senior Technical Analyst at LKP Securities, said of the Nifty.

“Supports are still placed at 14,600-14,500 zone and holding above the said levels structure mildly bullish and we may see some extension in the current pullback towards strong hurdle zone of 14,800-14,950 zone where one can lock in their profits,” Singre added.

Coal India, Tata Motors, Hindalco Industries, Tata Steel and Grasim Industries were among the top losers on the Nifty. Gainers included Asian Paints, UPL, ITC, Nestle and L&T.

Stocks & sectors

On the BSE, except capital goods and FMCG, all other sectoral indices ended in the red, with metal, oil & gas, healthcare, auto and realty indices falling 1-3 percent.

Among individual stocks, a volume spike of more than 100 percent was seen in NALCO, PI Industries and Pidilite Industries.

A long buildup was seen in PI Industries, Berger Paints and Asian Paints, while a short buildup was seen in Pidilite Industries, Apollo Tyres and Escorts.

More than 300 stocks, including CSB Bank, Adani Transmission and Shree Renuka Sugars, hit a fresh 52-week high on the BSE.

market snapshot 1405

Technical View

The Nifty formed a bearish belt hold candle and continued to form lower highs-lower lows the third session.

“The Nifty has to cross and hold above 14,750 zones to witness stability and an up move towards 14,900 then 15,000 zones, while on the downside, support exists at 14,600 and 145,00 zones,” said Chandan Taparia of Motilal Oswal Financial Services.

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