Market ended lower for the second consecutive session on May 20 with Nifty dropping below 15,000 mark dragged by the metal and banking names. At close, the Sensex was down 337.78 points or 0.68% at 49,564.86, and the Nifty was down 124.20 points or 0.83% at 14,906.
Among sectors, except for PSU Banks, all other sectoral indices ended in the red with Nifty metal index down over 3 percent and Nifty Bank index down 1 percent.
“It seems the index has to retest its descending channel breakout zone if turned right then we may see good pull back from current levels towards the immediate hurdle zone of 15000-15100, but if failed to sustain, some more profit booking can be seen towards nearest support zone of 14850-14775,” said Rohit Singre, Senior Technical Analyst at LKP Securities.
Tata Steel, Hindalco Industries, Coal India, Britannia Industries and ONGC were among the top losers on the Nifty. Gainers included M&M, Cipla, BPCL, IndusInd Bank and Titan Company.
Stocks & sectors
On the BSE, except realty and capital goods indices, all other sectoral indices ended lower with metal, bank and oil & gas indices falling 1-3 percent.
Among individual stocks, a volume spike of more than 100 percent was seen in PNB, BHEL and Sun TV.
A long buildup was seen in Bosch, PNB and PI Industries, while a short buildup was seen in Britannia Industries, BHEL and Sun TV.
More than 300 stocks, including IOC, Wockhardt and Tata Coffee, hit a fresh 52-week high on the BSE.
Technical View
Nifty formed a bearish candle on daily scale and has been forming lower lows from the last two sessions.
“Nifty has to hold above 14,900 zones to witness an up move towards 15,050 then 15,200 zones while on the downside support exists at 14,800 and 14,700 zones,” said Chandan Taparia of Motilal Oswal Financial Services.
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