Equities were moving in a narrow range on Thursday as traders squared off positions on the settlement day of July F&O series. Pharma and FMCG led the gainers pack while capital goods and metals continued to drag the market At 12 pm, Bombay Stock Exchange’s Sensex was at 17968.37, up 11 points or 0.06 per cent. The index touched a high of 17991.55 and low of 17902.84. National Stock Exchange’s Nifty was at 5402.75, 5.2 points or 0.10 per cent. The broader index hit a high of 5407.65 and low of 5381.55. “The Nifty sold off below 5400 after forming a bearish evening star candlestick setup in previous trading sessions. The upward rising trend channel is also violated. The price action in current state poses a serious threat to the uptrend. Despite the same we would await a follow up selloff before any substantial change in the directional view. Support level of 5380 would be the key here, which broken on closing basis would call for reevaluation of the trend.

Among the oscillators RSI and Stochastic have now signaled bearish crossover which is supported with weak price action,” said Edelweiss report. BSE Midcap Index was up 0.21 per cent and BSE Smallcap Index moved 0.10 per cent higher. Amongst the sectoral indices, BSE Capital Goods Index slipped 0.29 per cent lower and BSE Metal Index declined 0.23 per cent. BSE FMCG Index moved up 0.65 per cent and BSE Healthcare Index advanced 0.48 per cent. Nifty gainers included HDFC (2.92%), IDFC (2.84%), HCL Tech (2.64%), Hindustan Unilever (2.42%) and Cairn India (1.75%). Idea Cellular (-2.59%), SAIL (-1.78%), Bharti Airtel (-1.37%), State Bank of India (-1.06%) and Reliance Communications (-1.05%) were amongst the top Nifty losers. Market breadth was positive on the NSE with 1619 gainers against 1541 losers.

Courtesy & From : The Economic Times