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Markets extend losses for third straight session as mixed Asian cues weigh; pharma stocks continue slide

04:04 PM Jul 28, 2021 | FPJ Web Desk

Indices declined on the bourses at close of trading on Wednesday (July 28). The 30-share BSE index ended 135.05 points or 0.26 per cent lower at 52,443.71, while the broader NSE Nifty slipped 37.05 points or 0.24 per cent to 15,709.40.

After a flat opening, the Index dragged for the 3rd day and made an intraday low at 15,513 levels, while in the second half of the session the index had bounced back and managed to close at 15,709.40 levels with a loss of 37.05. While Bank nifty closed at 34532.90 levels with a loss of 264.55 points.

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On the sectoral Front, Nifty Bank and Auto were the top losers while Nifty Metal was the top gainer. Stocks like Bharti Airtel, SBI Life, Tata Steel, Divis Lab were the top gainers while Kotak Bank, Cipla, Tata Motors and M&M were the top losers.

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According to Sumeet Bagadia, Executive Director, Choice Broking, "On the technical front, the index has been trading in higher high and lower low formation and tested the support from lower formation, suggesting a bounce back in the upcoming session. On the Four-hourly Chart, the Index has formed a Bullish Marabozu Candle, which points out strength for the next day. Hourly Momentum indicator RSI has also bounced from oversold zone, which points to upside movement for the next trading day. At present, the Nifty has support at 15,500 level while resistance comes at 15,850 levels."

Gaurav Udani, Founder & CEO ThincRedBlu Securities, said, "The Nifty will face resistance at 15,720 and 15,780 levels and has support at 15,500 – 15,580 range. Any closing below 15,580 may take Nifty to 15,450 and 15,400 levels. Traders need to be watchful tomorrow as it is the monthly expiry and some sharp movements can be expected."

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