Nifty Continues With Negative Momentum

The Indian stock markets have been witnessing downward momentum since last three consecutive trading sessions. All the sectoral indices closed on the negative note. Metals and Healthcare broke their crucial supports, and were down around 150 points each. Capital Goods and Oil & Gas index were hammered by 95 points and 80 points respectively. Mid-caps and Small-Caps also closed in negative territory. The Nifty was down by 12 points and closed at 8699 level, while Sensex was down by 50 points at 28659 level. 

The advance-decline ratio on NSE was on a negative side, as the day ended with 1185 shares in green and 1645 shares in the red zone.

Top Nifty Gainers: Bharti Airtel closed the day higher by 5.87 per cent, followed by Tech Mahindra, M&M, NTPC and Kotak Mahindra.

Top Nifty Losers: Hindalco closed the day and was lower by 5.58 per cent, followed by Cairn India, Sesa Sterlite, Tata Steel and BPCL.

All the sectoral indices were negative in today’s session. Metals and Healthcare stocks tanked from their supports level, and were down by 161 points and 139 points respectively. Capital Goods and Oil & Gas stocks also were down around 95 points and 80 points respectively. While Mid-Caps and Small-Caps too closed in negative territory, and were down around 40 points. Banking stocks struggles to hold on the supports, and closed with the nominal loss by 11 points.  

The Asian markets continued with the selling pressure. The Hang Seng market dives by 179 points. Strait Time and Taiwan market was also down by 19 points and 13 points respectively. Nikkei saw some recovery, and was up by 58 points.  

Buzzer: Hindalco was down by more than 5.58 per cent on the bourses today and closed down at the technical level of around Rs 135. If the stock opens below this level, it may touch Rs 125/118 mark in the next few sessions.

As per our expectation the Nifty futures continue with profit booking scenario. If index sustains below 8780 mark, it may see 8710/8670 levels ahead.