BSE Sensex Has Support At 12715-12600: Prakash Gaba

BSE Sensex Has Support At 12715-12600: Prakash GabaThe Sensex marked its closure negatively on Monday led by consumer durables, metal, real estate, automobile and power stocks.

The only gainers of the day were IT stocks.

Broader market added fuel to the weak and closed the day on a low note.

After opening at 13,405.95, down 98.27 points, the 30-share index continued to trade weak all through the day and hit an intraday low of 13,219.99 on the back of heavy selling pressure witnessed across board during noon.

BSE Midcap and Smallcap index fell 2.84% and 3.38% respectively.

Among the sectoral indices, BSE Consumer durables was the top loser losing 5.68%, followed by Metal and Realty down more than 3% each, Auto, Power and Capital goods fell over 2% each. The only gainer of the day was IT index, which was up by 1.76%.

Finally, the Sensex closed the day after losing 103.90 points at 13,400.32, whereas the broad-based NSE Nifty fell 29.85 points at 3,974.05.

The gainers’ list included Sun Pharma, Infosys, Grasim Ind, Sterlite Ind (India), Wipro, and TCS.

On the other hand, the losers’ list comprised Rel Energy, JP Asso, Tata Steel, Maruti Suzuki India, Hero Honda Motors and Hindalco Ind.

Technical analyst, Prakash Gaba said, “we said the market is weak whether we accept it or not’ and the market traded negative and closed in the red. But the market is now stretched on the downside and so I would not be surprised if we get a technical bounce back. If the market closes in the green in the next trading session then we should see an upmove for the next few days and we could witness shorts being trapped in the bargain.”

Mr. Prakash said that the major support for the Sensex is 12715-12600 and resistance to the up move is at 13700-13937.

Mr. Gaba also said that the crucial support for the Nifty is at 3870 and the resistance to the up move is at 4040.




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