Profit-booking pulls Nifty below 14,450; Sensex drops 549 points

The market remained under pressure on January 15 on the back of profit-booking across sectors amid weak global cues. At close, the Sensex was down 549.49 points or 1.11% at 49,034.67, and Nifty was down 161.90 points or 1.11% at 14,433.70.

“The market witnessed profit-booking and following global trends. Nifty continues to resist 14,600 and has taken a dip towards 14,360. If the market closes below 14,380 levels, we might see a correction till the levels of 14,180-14,200. Momentum indicators like RSI, MACD are indicating a small correction in the markets,” said Ashis Biswas, Head of Research at CapitalVia Global Research.

All the sectoral indices ended in the red with IT and PSU bank falling 2 percent each.

Broader markets performed in line with the main indices with BSE Midcap and Smallcap indices falling 1 percent each.

Tech Mahindra, GAIL, HCL Tech, Wipro and ONGC were among major losers on the Nifty while gainers included Tata Motors, Bharti Airtel, UPL, ITC and Grasim Industries.

Also Read – Gainers & Losers: 10 stocks that moved the most on January 15

Stocks & sectors

The BSE IT and oil & gas indices slipped 2 percent each, while capital goods, healthcare, power and realty indices shed 1 percent each.

A volume spike of more than 100 percent was seen in SAIL, Indus Tower and Pidilite Industries.

Long buildup was seen in SAIL, Indus Tower and Apollo Hospitals, while short buildup was seen in HDFC AMC, ICICI Prudential and Cadila Healthcare.

More than 200 stocks including TCS, SRF, JK Tyre and Godrej Consumer Products hit a fresh 52-week high on the BSE.

Technical View

Nifty formed a Bearish candle on the daily scale and negated its formation of higher lows from the last six sessions.

“Now it has to hold near to 14350 zones to witness a bulls grip to take it towards 14600 then 14750 zones while on the downside major support exists at 14300 and 14200 levels,” said Chandan Taparia of Motilal Oswal Financial Services.