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Benchmark indices ended in the red on December 20 with Nifty around 21,150. At close, the Sensex was down 930.88 points or 1.30 percent at 70,506.31, and the Nifty was down 302.90 points or 1.41 percent at 21,150.20
We wrap up today's edition of the Moneycontrol live market blog, and will be back tomorrow morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices/ for all the global market action.
Taking Stock: Market plunges after hitting new highs; mid, smallcaps tumble
The biggest Nifty losers included Adani Ports, Adani Enterprises, UPL, Tata Steel and Coal India, while the gainers were ONGC, Tata Consumer Products, Britannia Industries and HDFC Bank…. Read More
After a gap up opening, Nifty went down below the support levels and closed the session near to its day’s low today. Bank nifty traded negative for the day and closed near to its day low below 47500 levels which was the strong support.
The market has traded Negative with the Sensex losing 1.30 percent and closed at 70506.31 and Nifty was down by 1.41 percent intraday and closed at 21150.15 levels whereas Bank Nifty closed negative, down by 0.89 percent and settled at 47445.30.
All the sectors closed in red with Nifty PSU Bank, Nifty Metal and Nifty AUTO losing the highest by 4.04%, 3.82% and 2.28% respectively. In Nifty stocks, ONGC, Tata Consumer Product and Britannia were the top gainers, while Adani Ports, Adani Enterprise and UPL were the prime laggards.
India VIX was positive by 4.18 percent intraday and settled at 14.45.
Index has a support around 21000-20900 zone.
Coming to the OI Data, on the call side, the highest OI observed at 21500 followed by 21400 strike prices while on the put side, the highest OI is at 21000 strike price. On the other hand, Bank Nifty has support at 47100-46900 while resistance is placed at 47700 and 48000 levels.
The Bank Nifty index experienced intense selling pressure, resulting in the formation of a bearish engulfing candle on the daily chart. The immediate resistance for the index is situated at the 47600-47700 zone, and a breakthrough above this level could pave the way for further upside, targeting 48000. However, the overall sentiment remains bearish, suggesting a cautious approach with a preference for selling on any upward movements.
Markets witnessed a bout of profit taking and lost nearly one and a half percent, in continuation to the prevailing corrective phase. After the initial uptick, Nifty hovered in a range in the first half however a sharp cut in the heavyweights across sectors completely turned the tone. It eventually settled closer to the day’s low at 21,150 levels. Among the key sectors, metal, energy and realty were among the top losers. Besides, the broader indices too felt the heat and lost over 3.5% each.
This is the first serious slide in the Nifty index after the seven weeks of up move and it may result in further dip. However, it is too early to conclude the uptrend has faded until the Nifty breaks 20,700 i.e. 20 EMA on the daily chart. We reiterate our preference for index majors and suggest accumulating quality names during this phase. At the same time, the pressure could be higher in the midcap and smallcap space so participants should reduce their positions and maintain strict stop losses in remaining trades.
The Nifty experienced a sharp correction as bearish sentiment persisted. It failed to sustain above 21500, resulting in increased call writing at the 21500 strike, subsequently leading to a significant downturn. At its lowest point, the Nifty dropped just below 21100 before recovering to close above that level. Looking ahead, there might be a consolidation phase for the Nifty in the near term. Resistance is expected around 21500, while support is anticipated at 21100.
The domestic market saw a sharp and abrupt sell-off in the second half, despite the positive trend in global peers. This is attributable to profit booking from the recent sharp rally stretching valuations of mid- and small-cap stocks. The recent uptick in crude prices prompted investors to book profits. Most of the sectors witnessed decline, with the least fall in FMCG, banking, and IT.
Euphoria turned into a gut punch for the market today, as the Nifty tumbled 500 points from its peak to finish over 300 points lower. While the reason for the sudden reversal remains unclear, several factors could be at play. The easy money sentiment buoyed by a buoyant primary market may have set the stage for a correction. Additionally, tight liquidity among HNIs due to their involvement in IPOs could have contributed to the selling pressure. The recent rise in COVID cases may also be serving as a convenient excuse for some investors to exit.
Technically, the Nifty is attempting to fill the gap formed around 21,000 following the Fed meeting. This zone between 21,000 and 20,950 is likely to act as strong support, with the 20-DMA at 20,700 offering further downside protection. For long-term investors, this dip presents a potential buying opportunity, while traders should remain cautious and wait for a clear direction to emerge.
With full force, bears struck back and dominated today's trading session. After registering another high of 21,593, the Index was unable to hold higher levels and started to correct which led to a bearish divergence in RSI. Selling pressure intensified in the second half of the trading session and breached all its near-term key support levels in one go to end the session at 21,150.15 with a loss of 302.95 points.
All the sectors ended the day in red with Media and PSU Banking being the major laggards. A weak link for the market was the broader indices as both Mid and Smallcaps plunged over 3.20%.
With a strong bearish candle at record levels, it seems that the short-term trend turned in favor of bears but in the lower timeframe, it is developing a possibility of a hidden bullish divergence, and if the index reverses from the support zone of 21,040- 21,080, we can expect a recovery in the markets which will be restricted to 21,380.
Markets were on a record setting spree for a while and have been in an overbought zone, so hiccups were expected in the form of profit-taking which came to the fore today. Redemption was seen across the sectors, and even mid & small-cap stocks came under the grip of a strong bear hammering. Crude oil could emerge as a major short-term challenge in view of recent attacks on ships in the Red Sea, which may fuel volatility in this commodity price.
Indian rupee ended at 83.17 per dollar on Wednesday against Tuesday's close of 83.18.
Benchmark indices ended in the red on December 20 with Nifty at 21,150.
At close, the Sensex was down 930.88 points or 1.30 percent at 70,506.31, and the Nifty was down 302.90 points or 1.41 percent at 21,150.20. About 577 shares advanced, 2721 shares declined, and 57 shares unchanged.
The biggest Nifty losers included Adani Ports, Adani Enterprises, UPL, Tata Steel and Coal India, while gainers were ONGC, Tata Consumer Products, Britannia Industries and HDFC Bank.
All the sectoral indices ended in the red, with auto, capital goods, metal, pharma, oil & gas, power and realty down 2-4 percent.
BSE Midcap and Smallcap indices declined more than 3 percent each.
Banks Or IT: Which Stocks Should You Buy Now? | Sectors To Watch | IT Stocks | Stock Market
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Closing Bell: Nifty at 21,150, Sensex tanks 931 pts in sharp fall; all sectors in the red – Moneycontrol
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