Stock Market Likely To Test 15,150–15,000: Angel Broking

Stock Market Likely To Test 15,150–15,000: Angel BrokingIt was a disappointing day for bourses as the Sensex fell more than 491 points weighed by real estate, metal, oil & gas, power and IT scrips. Broader markets added fuel to the outlook, following weak global reactions.

The 30-share index belled the day after losing 57.65 points at 15,838.63 on Tuesday chasing weak Asian markets. Later, it dropped into the red zone on account of profit booking. As the day advanced, Sensex dipped further owing to heavy selling pressure by funds influenced by infirm opening in European markets amid dissatisfactory quarterly outcomes by major corporate houses.

The BSE Midcap index dropped 3.74%, while BSE Smallcap index lost 4.50%.

Finally, the Sensex closed the day at 15,404.94, down 491.34 points, after hitting an intraday high of 15,957.06 and an intraday low of 15,330.56. The broad-based NSE Nifty declined 147.80 points at 4,563.90. It touched an intraday high of 4,729.85 and an intraday low of 4,538.50.

The top gainers in the 30-share index included Bharti Airtel, Maruti Suzuki and Sun Pharmaceutical.

On the other hand, the major losers in the Sensex comprised Hindalco Ind (-10.50%), DLF (-9.04%), JP Asso (-7.52%), Rel Cap (-7.05%), Sterlite Ind (-6.40%), and ACC (-6.20%).

While commenting on the market outlook, Vaishnavi Jagtap, senior technical analyst, Angel Broking stated that the stock markets rolled out with negative reactions and selling deepened all through the day to end the day negatively.

“Since the daily and hourly charts are highly oversold, a technical bounce back up to 15,570 – 15,650 / 4,610 – 4,630 levels cannot be rejected. But, on the downside if stock indices trade below 15,330/4,538 levels then it is expected to test 15,150 – 15,000 / 4,500 – 4,450 levels,” added Vaishnavi Jagtap.