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Nifty fails to hold above 9,900; BSE Midcap, Smallcap hit fresh highs

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SI Reporter  |  New Delhi 

Nifty fails to hold above 9,900

Anand James, Chief Market Strategist, Geojit Financial Services   Banks continue to remain expectant, while Pharma has found defensive buying, helped by positive FDA observations, helping markets to put GST shocks behind. Stock specific moves have now become more dominant with earnings beginning to flow in. Nifty oulook by Mustafa Nadeem, CEO, Epic Research   A bullish candlestick is observed in today's session after a Doji yesterday confirming the buying momentum. Bulls emerged at lower levels as buying was seen across sectors.    A doji followed by a bullish candlestick negated the selling pressure at higher levels with Nifty retracing back to 9,900. A bullish confirmation is in place for short term. Resistance is seen at 9,920-9,930 which may continue with next possible target at 10,000 while if market cannot sustain the said resistances, we may see a mild profit-booking. though overall range becomes 9,950 - 9,800 for the short-term.  ITC ends over 2% higher at Rs 291 after the stock witnessed its sharpest fall in nearly two decades – down 13% on closing basis – on Tuesday. On the sectoral front, all the sectoral indices on the National Stock Exchange (NSE) settled with gains. Recouping from yesterday’s losses, the FMCG index closed the day with gains of 1.4%. Healthcare, metals and media stocks supported the market on the upside. Top Sensex gainers and losers stocks The broad market depicted strength. There were almost two gainers against every loser on BSE. 1,668 shares rose and 964 shares fell. A total of 151 shares were unchanged.

After an over 300-point fall in yesterday and closing below the crucial 9,850 levels, the benchmark indices settled higher on Wednesday, while the broader indices hit fresh closing highs.

Among individual stocks, a strong rally in Aurobindo Pharma, up on hopes of higher US sales, and Hindustan Unilever hitting a record high after its June quarter results, hogged the limelight.

Meanwhile, a weak US dollar combined with upbeat Chinese data to lift emerging market and Asian shares to levels not seen in more than two years and global stocks to an all-time high on Wednesday.

First Published: Wed, July 19 2017. 15:37 IST
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Nifty fails to hold above 9,900; BSE Midcap, Smallcap hit fresh highs

Watch this space for all the live market updates

After an over 300-point fall in yesterday and closing below the crucial 9,850 levels, the benchmark indices settled higher on Wednesday, while the broader indices hit fresh closing highs.

Among individual stocks, a strong rally in Aurobindo Pharma, up on hopes of higher US sales, and Hindustan Unilever hitting a record high after its June quarter results, hogged the limelight.

Meanwhile, a weak US dollar combined with upbeat Chinese data to lift emerging market and Asian shares to levels not seen in more than two years and global stocks to an all-time high on Wednesday.

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