The market started the week on a positive note but erased intraday gains in the afternoon session and ended flat on July 12. At close, the Sensex was down 13.50 points or 0.03% at 52372.69, and the Nifty was up 2.80 points or 0.02% at 15692.60.
"The market witnessed a volatile movement and failed to breach the resistance level of 15800 on Nifty. The market suggests it is prudent to wait for a decisive breakout above 15800 and technical factors to improve before going long in the market," said Ashis Biswas, Head of Technical Research at CapitalVia Global Research.
"15620-15650 will be an important support zone. Traders are advised to refrain from building a new position until the market see further improvement and breakout above 15800," he added.
BSE midcap and smallcap indices ended in the green.
UltraTech Cement, Grasim Industries, Shree Cements, JSW Steel and SBI Life Insurance were the top gainers on the Nifty. top losers included Adani Ports, Bharti Airtel, BPCL, Tata Steel and Infosys.
Stocks & sectors
Among sectors, realty index added 3.5 percent, while selling was seen in IT, metal, oil & gas and power indices.
Among individual stocks, a volume spike of more than 150 percent was seen in Federal Bank, ACC and Manappuram Finance.
Long buildup was seen in Page Industries, Godrej Properties and Granules India, while short buildup was seen in HDFC Bank, Glenmark Pharma and Bata India
More than 500 stocks, including Tata Steel, Brigade Enterprises and IRB Infra, hit a fresh 52-week high on the BSE.
Technical View
Nifty negated its lower highs formation of the last three sessions but formed a bearish candle on the daily scale.
"Nifty has to cross and hold above 15750 zones to witness an up move towards 15850 and 15915 levels, while on the downside support exists at 15600 and 15500 levels," said Chandan Taparia, Vice President at Analyst-Derivatives.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.Taking Stock: Indices erase early gains, end flat amid volatility; realty stocks outperform - Moneycontrol.com
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