Nifty faces profit booking at higher levels

New Delhi : The benchmark indices witnessed volatile trading session, after a roller coaster activity the Nifty ends 32 points higher while the Sensex was up by 31 points, says Shrikant Chouhan, Head-Equity Research, Kotak Securities.

He said that among Sectors, Reality, Pharma and Infra indices gained over 1 per cent whereas Media index corrected sharply, shed nearly 3 per cent. He said that technically, after an early morning, intraday rally the index took the resistance near 21725/72000 and due to profit booking at higher levels, it corrected sharply.

Chouhan said that on intraday charts, index is still holding lower top formation and on daily charts, it has formed inside bar candle which indicating indecisiveness between the bulls and bears.

He said that for the traders now, 21725/72000 would act as a key level to watch out. Below 21725/72000, the weak sentiment is likely to continue.

Nifty Reality was the sector which outperform today up by 2.52 per cent respectively. On the back of good Pre sales numbers reported by reality companies fueled optimism in the sector, says Vaibhav Vidwani, Research Analyst, Bonanza Portfolio.

Hero MotoCorp, Adani Ports, SBI Life Insurance, Apollo Hospitals and Adani Enterprises are among the top gainers on the Nifty, while losers were Nestle India, Britannia Industries, Asian Paints, Bajaj Finserv and HDFC Bank.