Nifty & Bank Nifty hover around 20-DMA; Nelco hits fresh all-time high, Archies makes new 52-week high

Market Update at 12:32 PM: Indian markets were seen trading lower during Tuesday's afternoon session. Reliance and Bajaj Finance are seen supporting the index while on the flip side, banking names such as ICICI Bank, HDFC Bank, and Kotak Mahindra Bank emerged as the top draggers. 

Nifty is seen hovering around the 20-DMA while Bank Nifty, which is one of the top losers among the sectoral indices, was also seen hovering around its 20-DMA. Meanwhile, a mixed trend was seen in the broader markets with Nifty Midcap 100 plunging 0.13 per cent whereas Nifty Smallcap 100 gaining 0.22 per cent.   

Among the stock-specific action, Nelco was up by a staggering 17.8 per cent, marking a fresh all-time high. Other stocks such as InfoBeans Technologies, Archies, TRF, Uttam Sugar, Apollo Hospitals also marked a fresh 52-week high.   

Nifty, at the time of Monday’s opening bell, surpassed its previous all-time high and marked a new one and also, attempted to cross the daily upper Bollinger Band.  

However, it did not sustain at the lifetime high and witnessed a modest correction. The Finance Minister’s series of relief measures did not enthuse the traders in the last 30 minutes of trade. As a result, Nifty finally ended at 15,814.70 with a decline of 45.65 points. Bank Nifty also declined by a mere 5.20 points after getting support from the PSU Bank index, which advanced by 2.4 per cent. Besides, Nifty Pharma & metal indices inched higher by 1.27 per cent and 1.28 per cent, respectively.  

The broader indices outperformed the frontline indices as Nifty Midcap-100 and Smallcap-100 gained 0.53 per cent and 0.37 per cent, respectively.   

On the daily chart, Nifty has formed a bearish candle, which resembles a bearish belt hold. Nifty has declined by 100 points from the day's high. Despite these emerging ominous signs, the overall structure of the index indicates that the index is still stuck in a broad range just like a ping-pong game.  

Going ahead, the level of 15,915 is likely to act as a key hurdle now. And, once the bulls manage to close above this level, then the index would start the next leg-up of upmove, where it is likely to test the levels of 16,000 and 16,180 in the near term. On the downside, the level of 15,770 may act as an immediate support level.