Market ended 7 week lows on account of Profit Booking and sell by FIIs -Dec 16, 2014 :: HDFC sec

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The 30-share Sensex ended down 538 points  at 26,781 and 50-share Nifty ended down 152 points at 8,067. In the broader market, both BSE midcap and smallcap indices performed worse than the front-liners with losses of around 2.9% and 3.3% each.  Market breadth in BSE ended negative with more than five declines against every advance. NSE cash turnover was at Rs. 18254.

Sectors & Stocks

BSE IT and Teck indices, ending up 1.6% and 1.1% each were the only sectors in green. BSE Metal index was the top loser and ended down by over 4% followed by BSE Realty index which lost 3.8%,BSE FMCG index ending with over 3% loss and Bankex closing with near 3% loss. Weak Chinese factory output data brought fresh pressure on metal stocks. Cairn India, closing down around 2.5%. SBI lost around 5%, ICICI Bank declined over 4%, HDFC Bank lost around 3% and Axis Bank declined over 1%. Index heavyweight, ITC and FMCG major HUL declined around than 3% each. 

Way forward

Nifty is continuously making lower top lower bottom formation from last 7 sessions and took the support at 100 day moving average. RSI is reaching near oversold level. If  in coming session Nifty trades & sustains  above 8080 level then traders could expect trend reversal in Nifty, which could leads to 8350 level. If Nifty  trades & sustains below 8050 level for 15 mins  then traders could expect continuation of the down move up to 7980.