The Indian market continues to show weakness for the fourth straight session intraday after opening with minor gains on Friday. The BSE Sensex is trading around 250 points lower; Nifty below 18100 testing the support level of 18050-mark at around 01:30 pm today. 

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IT, metal, pharma, and auto stocks continue to drag the market, while banking and financial services are holding the markets from further fall. The BSE Sensex is down 270 points or 0.44 per cent to 60653.72, while Nifty50 slipped 114 points or 0.63 per cent to 18064-mark while writing this story. 

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In the broader markets, Nifty Mid-cap fell around 550 points or 1.7 per cent to 30810-level, while the Nifty Small-cap down almost 210 points or 2 per cent to 10902-mark intraday today. 

Nifty Bank continues the winning streak for the second straight session, hitting a new high of 40587-level. The index is trading over 275 points or 0.7 per cent to 40305.8-mark intraday. 

Of 50 scrips on the Nifty, 12 advancing and 38 declining, in which Hindalco for the third consecutive session is top loser, its down over 4.5 per cent, followed by Coal India, Tata Motors, ITC each down around 3 per cent at the intraday today. 

 Other stocks such as Tata Steel, Infosys, Asian Paints, Adani Ports, Wipro, NTPC, JSW Steel each has tumbled between 2-3 per cent, aiding the weakness in the markets today. 

On the other hand, HDFC is trying to hold the market from further fall, as the stock is top gainer intraday today, up over 2 per cent, followed by Bajaj Auto, Kotak Bank, ONGC, Bajaj Finserv gaining between 1-2 per cent intraday today. 

The majority of the analysts believe that the upmove in the Nifty is possible only when it breaches 18400-mark. In this regard, Rohit Singre, Senior Technical Analyst at LKP Securities believe on the higher side immediate resistance is formed near 18280-18350 zone & fresh move possible only above 18400 zone.  

Chandan Taparia Vice President | Analyst-Derivatives at Motilal Oswal Financial Services Limited said, the index has to cross and hold above 18250 levels, to witness an up move towards 18350 and 18450 zones while on the downside support exists at 18050 and 17947 marks.