Market breaks 6-day winning streak, ends flat on last hour profit booking

After hitting fresh record highs in the early trade, market witnessed profit booking in the last hour, erasing all the intraday gains and also break the six days winning momentum. At close, Sensex was down 19.69 points, or 0.04%, at 51,329.08 and Nifty was down 6.50 points, or 0.04%, at 15,109.30.

“Index has witnessed profit booking in the last hour of the session and closed the day at 15,110 with minimal loss. Going forward, 15k will act as supreme support and any dip near 15k mark will be again buying opportunity with keeping overall stop out levels below 15k and if index managed to hold above-said levels then again we may see some bounce in index towards 15,255 odd levels which is immediate and strong hurdle on the higher side,” said Rohit Singre, Senior Technical Analyst at LKP Securities.

Except Nifty bank, energy and infra, all other sectoral indices traded in the red. Auto, metal and pharma indices shed 1 percent each.

Broader markets underperformed the benchmarks with BSE Midcap and Smallcap indices ending lower.

IOC, M&M, Tata Motors, JSW Steel and Bajaj Auto were among major losers on the Nifty, while gainers included SBI Life Insurance, Asian Paints, HDFC Life, ONGC and Titan Company.

Stocks & sectors

On the BSE, auto index fell 1 3 percent, while selling also seen in the oil & gas, metal, power and IT stocks. However, some buying seen in the capital goods sector.

A volume spike of more than 100 percent was seen in PNB, Tata Chemicals, Torrent Pharma and Balkrishna Industries.

Long buildup was seen in Voltas, Tata Chemicals and Berger Paints while short buildup was seen in Power Grid, Torrent Pharma and Balkrishna Industries.

Over 300 stocks including TVS Motor, ICICI Bank, Escorts, ITC, DLF, Tata Chemicals hit a fresh 52-week high on the BSE.

Technical View

Nifty formed a small Bodied Candle on daily scale but continues its higher highs – higher lows formation of the last seven sessions.

Now, Nifty has to hold above 15000 to continue its bullish momentum towards 15250 and 15500 zones while on the downside major support can be seen around 14750 zones, said Chandan Taparia of Motilal Oswal Financial Services.

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