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Markets snap 3-day winning streak on select profit taking in lacklustre trading session

04:03 PM Jul 16, 2021 | FPJ Web Desk

Benchmark Indices closed marginally lower with Sensex closing at 53140.06 (-0.04 percent) and Nifty closing at 15923.40 (-0.01 percent). Some buying interest was seen in pharma, metal and realty sectors-- all these sectors have closed over 1 percent while selling pressure is seen in selected IT stocks with Nifty IT closing 1percent lower today.

Mohit Nigam, Head-PMS, Hem Securities said, "Broking company stocks were in limelight today with Angel Broking closing with a gain of 20 percent after strong numbers and Motilal Oswal Financial Services gained 10 percent. Cyient Ltd jumped 12 percent after posting robust Q1 numbers. Nifty 50 has held the 15,900 levels. sustaining above these levels may extend the rally to 16,200 while 15,600 remains a crucial support on the downside.

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Nifty traded in a small range today--a low of 15,882.6 and a high of 15,962.25 and closed around yesterday’s close. Gaurav Udani, CEO & Founder, ThincRedBlu securities, said "Banknifty showed marginal weakness today. It corrected from highs of 36,000 to 35,700. As long as it manages to stay above 35,400 the trend remains intact and traders can look for targets of 36,500 and 37,000."

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