Nifty formed a small bearish candle with a long lower shadow on the daily chart in Thursday s session. The 50-pack index negated the formation of higher highs and lows of the last nine sessions.
Defensive viz. FMCG, IT and pharma tend to do well during the corrective phase, but traders should maintain caution in the selection of the stocks as we’re seeing selective participation, said Ajit Mishra, VP - Research, Religare Broking.
He also added, Indications are in the favour of some consolidation in the index and it would be healthy for the markets. Nifty has critical support at 13,350 and its breakdown may result in further correction ahead. In the case of a rebound, the 13,550-13,600 zone would act as a hurdle.
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Synopsis
Among the blue chip names, UPL was the biggest loser in Nifty pack, falling 11.29 per cent to Rs 437.
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UltraTech Cement, Shree Cement, Tata Motors, Mahindra & Mahindra, HDFC Bank, TCS, Axis Bank and ICICI Bank were among other losers in Nifty pack.
NEW DELHI: Domestic equity market ended in the red on Thursday as investors preferred to book profits in recent outperformers from the financial and IT space. As a result, the benchmark BSE Sensex snapped its five-day gaining streak, settled 143.62 points, or 0.31 per cent, down at 45,959.88.
Similarly, the broader NSE Nifty witnessed its first loss in December, closed 50.80 points, or 0.38 per cent, down at 13,478.30.