Nifty Snaps Three Day Winning Streak on Weak Global Cues

Mr. Nandish Shah - Deputy Vice President, HDFC Securities

Nifty broke its three-session winning streak, shedding 133 points to close at 25,642. For the whole session, Nifty oscillated within yesterday's price move. For the whole session, Nifty oscillated within the yesterday's price move. NSE cash market volumes were lower by 16% as compared to yesterday.

Trent, Max Healthcare and Tata steel gained the most from the Nifty pack. On the other hand, Hindalco, ETERNAL and Bharti airtel faced selling pressure, closing as top losers.

Sectoral performance was predominantly weak. Except for Nifty PSU Banks and Healthcare, all indices ended in the red, with Metal, Consumer, Realty, and Auto sectors leading the losers list.

The broad market mirrored the benchmark's weakness, with Nifty Midcap 100 down 0.28% and Nifty Smallcap 100 plunging 1.29%. Market breadth deteriorated, as the BSE advance-decline ratio settled at 0.70, signaling profit booking in mid and smallcap space after their sharp two-session rally.

The Indian rupee strengthened 7 paise versus the dollar, closing at 90.36. It's regaining ground after the Indian Trade Minister confirmed a key deal timeline, erasing the "ambiguity discount" on the currency, bolstered by reviving FII interest in domestic equities.

Nifty continues to consolidate near its 50 DEMA, currently placed at 25648. Trend remains bullish for Nifty, as it is placed above key moving averages. Nifty's Key support lies in the 25,440 -25,500 band, with resistances placed at 25,863 and 26,373.

Source : Equity Bulls

Keywords

HDFCSecurities Nifty WeakGlobalCues Sensex