Nifty closed flat after recovering from lower levels; Banking stocks led the recovery

NTPC, Bajaj-Auto and Adani Ports are the top gainers, on other hand Divis Lab, Shree cement and Eicher motors were the top losers amongst Nifty 50 stocks. 

Market update at 3.30 PM:     

Markets traded in small range for yet another day. Nifty closed around 5.7 points or 0.03 per cent in green to close around 17,624 level.  

S&P BSE Sensex also closed nearly flat with gains of 64 points. Nifty Midcap 100 and Nifty Small cap 100 traded in smaller range for the whole day and closed flat around 0.03 per cent and 0.15 per cent.  

Private banks and Media sector closed in green while Pharma, Realty and Metal sector traded weak for the day.           

NTPC, Bajaj-Auto and Adani Ports are the top gainers, on other hand Divis Lab, Shree cement and Eicher motors were the top losers amongst Nifty 50 stocks.       

Nifty again closed above the last 3 days low (17,570) which also a support of 200 DMA and fall below this range may start fresh sell off. 

Market update at 10.35 AM: Indices have witnessed selling pressure at their levels amid strong volatility. NSE Nifty 50 has shredded over 80 points from day’s high and currently trades around 17,600 levels. Meanwhile, Sensex is marginally down by 50 points while stock specific action is seen in the broader market. Nifty Midcap and Nifty Smallcap are trading higher by 0.13 per cent and 0.25 per cent respectively.   

Financials and auto stocks are supporting the market while realty and pharma are the prime draggers today.   

About 1218 stocks are advancing as against 718 stocks that are declining, thus showing relatively good strength in the broader market.   

Adani Ports, NTPC and Tata Motors are the top gainers from the Nifty 50 stocks while Divis Laboratories, Eicher Motors and Apollo Hospitals are weak today.   

Market update at 9.30 AM: Indices have opened higher amid positive global cues. NSE Nifty 50 index has surged 0.30 per cent to trade near 17,700 levels while S&P BSE Sensex has jumped 250 points. Stock specific action continues in the broader market.  

IT stocks have recovered amid short covering rally, while metals have also seen fresh buying interest. Realty stocks are marginally weak. India VIX has slipped over a per cent amidst such positivity. 

Pre-market update:    

Dow Jones Industrial Average traded volatile in a small range after gap down opening and closed around opening levels 33,897 level within its last 3 days consolidation zone. Nasdaq 100 Index recovered from days low after gap down opening to close flat at 13,088 level.  

In global commodities, market witnessed strong recovery from day's low while Gold closed in red around 0.52 per cent and Silver ended in green around 0.28 per cent. 

Brent crude futures cracked more than 2 per cent, technically it started to fill the gap on daily charts.  

On Wednesday's trading session, FIIs and DIIs sold Rs 13.17 crore and Rs 110.42 crore in equity segment. 

In Derivative segment as compared to previous session, Clients and DIIs longs are slightly increased and on flip side, PROs and FIIs increased their shorts. From last 3 trading sessions, FIIs changed their stance from bullish to neutral after 9 consecutive sessions. Now FIIs index long position came to 36.02 per cent from 39.27 per cent in last 3 days. 

Now SGX Nifty indicates Nifty likely to open gap up around 40 points. Volatility can be increased on weekly expiry trading session. Technically, the next key levels for the Nifty are 17,670 and 17,570.