Nifty again fails at 15,800 hurdle but midcaps outperform. Key levels to watch

Nifty settled flat at 15,692 (REUTERS) — Nifty settled flat at 15,692 **(REUTERS)**

2 min read . Updated: 12 Jul 2021, 04:22 PM IST Livemint

Immediate support for Nifty is seen at 15630-15650, say analysts

|Indian markets saw profit-taking at higher levels to end flat today, led by selling pressure in IT and metal stocks. The Sensex ended 13.50 points lower at 52,372 while Nifty settled marginally higher at 15,692, after hitting 15,789 at day's high. The Indian rupee today pared some of its initial gains and settled 6 paise higher at 74.58 against the US dollar.

Broader markets outperformed with BSE midcap and smallcap indices rising 0.4% and 0.6% respectively. The focus is now on consumer inflation and industrial output data, which will be released later in the day.

Indian markets today started on a positive note following positive Asian market peers as China’s central bank announced Friday a 50 basis points cut in its reserve requirement ratio for all banks. However, both Sensex and Nifty lost their gains as traders were looking to book profits with lacklustre European markets opening and volatility ahead of the start of the earnings season in US, says Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi Shares & Stock Brokers.

Among the Sensex stocks, Bajaj Auto, Infosys, HDFC Bank, Tata Steel and HDFC ended down between 0.5% and 1%.

Equitas Holdings Ltd surged 20% after it started steps to merge with its unit Equitas Small Finance Bank . Ujjivan Small Finance Bank rose as much as 10.8% on its move to combine with holding company Ujjivan Financial Services Ltd.

Nifty was not able to surpass the crucial resistance of 15800 and showed weakness from the highs, says Nagaraj Shetti, Technical Research Analyst, HDFC Securities on today’s market performance.

"The immediate support of 15630-15650 came into play once again and resulted in a minor upside recovery towards the close. The choppy trend continued in the market and there is no respite for bulls, after showing upside bounce from the lower support (15635) in previous session. As long as the support holds, the odds of market bounce back remain alive for the next 1-2 sessions. A decisive move below the support is likely to extend weakness to 15500 levels. On the upside bounce, the area of 15800 could be a crucial resistance to be watched," he added.

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