The US markets overnight ended in the red tracking other peers with the Nasdaq index down 0.2% and the Dow Jones down over 200 points. Back home, both Sensex and Nifty ended the session in the red after being firm with positive bias for the most of the session yesterday. Nifty and Sensex ended down by nearly 0.4%.
“Overall markets are consolidating at higher levels. With 2 key events behind, markets are taking cues from ongoing results which is leading to a lot more stock-specific action which is likely to continue,” said Siddhartha Khemka of Motilal Oswal Financial Services.
On the technical front, Osho Krishnan of Angel One says, “Technically, until the 22000-22100 is surpassed in a decisive manner, tentativeness is likely to stay near the mentioned zone. Before this, 21900 would be acting as the intermediate resistance for day traders. On the lower end, 21680-21650 is expected to act as an intermediate support zone, breaching which 21550-21500 could be tested on an immediate basis. The confined range movement still persists in the play, portraying a time-wise correction phase.”
Foreign Institutional Investors continued to add Indian equities. According to data available on exchanges, FIIs bought shares worth Rs 518 crore in the cash markets. On the other hand, flows from DIIs turned negative as they sold shares worth Rs 1,188 crore, provisional data from exchanges showed.
Top stocks to watch today are Bharti Airtel, Tata Chemicals, Ashok Leyland, LIC, BLS E-Services.