market watch: Market Watch: Reversal of upside bounce not a very good signal for Nifty bulls

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Welcome to ETMarkets Watch, your day by day wrap-up to the day on Dalal Avenue. I’m Nikhil Agarwal.

Nifty gave up nearly all of the positive aspects made on the day prior to this as indices confronted resistance at greater ranges. The Sensex misplaced 710 factors whereas the Nifty misplaced 225.50 factors and settled beneath the 15,450 mark. The BSE market capitalisation fell by Rs 3.54 lakh crore.

From the 30-share pack, 27 shares settled with cuts with Tata Metal falling 5 per cent. Wipro, Reliance, IndusInd Financial institution, HCL Tech, Bajaj Finance and Titan additionally cracked over 2 per cent every. TCS, Energy Grid and Maruti managed to finish flat after a uneven session.

Volumes on the NSE have been the bottom since June 15. Amongst sectors, Metals, Realty, Energy and Oil & Fuel indices fell essentially the most. Smallcap index fell lower than the Nifty whereas Midcap index fell extra.

International cues have been weak, with Asian markets down and S&P 500 futures hinting at a weak begin to US indices later within the day.

Traders turned cautious forward of US Fed Chair Jerome Powell’s testimony to US Congress.

Nagaraj Shetti, Technical Analysis Analyst, HDFC Securities, mentioned the market exhibiting fast reversal of upside bounce isn’t a very good signal for the bulls to maintain the highs. “Now, one might count on Nifty to slip all the way down to the essential help space of 15,200 ranges within the subsequent few periods. Fast resistance is positioned at 15,560,” he mentioned.

That’s all for now. Do take a look at for all of the information, market evaluation, funding methods and dozens of inventory suggestions. Get pleasure from your night. Bye Bye!


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