Nifty Snaps 3 Day Winning Streak, Dragged Down By Banking Stocks
How well the EQSIS recommendations performed today 20 August?
1. EQSIS Intra: Long DIVISLAB above 1538 Target 1553 Stop below 1526 CMP 1536
2. EQSIS Intra: Long HAVELLS above 686.8 Target 697.2 Stop below 678.5 CMP 685
Status: Not Initiated
Closing Bell: Nifty Snaps 3 Day Winning Streak, Dragged Down By Banking Stocks
The broader NSE Nifty closed 0.33 per cent lower at 11,017 levels. Equity benchmark index Nifty snapped three-day gaining streak on Tuesday, led by a fall in financial and Metal stocks. The losses, however, were capped by gains in stocks of information technology (IT), which ended on positive note in the backdrop of weaker rupee closing against the US dollar.
Eight of 11 sector gauges compiled by National Stock Exchange ended lower led by the Nifty PSU index closed 2.4 per cent lower, followed by Nifty metal index, down 1.7 per cent. On the contrary, Nifty auto index gained 1.2 per cent, followed by Nifty IT index, up 1.18 per cent.
Technical View: Nifty forms bearish candle, consolidation on cards
Nifty has been consolidating between 10,900 and 11,180 levels from last six sessions. It requires a decisive breakout from the trading band to get a smooth ride, the strong resistance is seen at 11,080 while supports are seen at 10,900-10,780 levels.
Best And Worst Nifty 50 Performers Today
Morning Update: Nifty plunge led by Finance & Auto stocks
The NSE Nifty50 were trading at a level of 11,015, lower by 39 points from the previous settlement. Equity benchmark index nifty were trading lower amid a selloff across sectors barring information technology stocks, despite gains in Asian peers.
The market breadth was tilted in favour of sellers. About 1,033 stocks declined and 494 shares advanced on National Stock Exchange.
Top percentage laggards on the 50-scrip index at the time were Yes Bank, Indiabulls Housing Finance, IndusInd Bank, Bajaj Finance Britannia and ICICI Bank trading between 2.28 per cent and 5.09 per cent lower. On the flipside, Infosys, Wipro, TCS, Drreddy and Power Grid were trading on a positive note.
FII & DII data
The foreign institutional investors (FIIs) sold shares worth Rs 305.74 crore on a net basis, while domestic institutional investors (DIIs) bought shares worth Rs 386.23 crore as on August 19th, 2019.
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