Taking Stock: Nifty ends flat above 25,200 in a rangebound day, Sensex up 63 points

Benchmark indices Nifty and Sensex ended flat after a rangebound day on July 16, helped by gains in auto, financials, IT and realty stocks, as the 50-share index recovered from the day's low of 25,121 to close above 25,200.

At closing bell, the Sensex was up 63.57 points or 0.08 percent at 82,634.48, and the Nifty was up 16.25 points or 0.06 percent at 25,212.05. Broader market indices performed in-line with the main indices, as Nifty Mid and Smallcap ended flat.

Also Read: HDFC Bank to consider its first-ever bonus issue of shares on July 19

Among sectors, metal index shed 0.6 percent, pharma index down 0.3 percent, while realty, auto, FMCG, IT, PSU Bank and media indices added 0.5-1.8 percent.

M&M, Wipro, SBI, Nestle India and Tech Mahindra were among major gainers on the Nifty, while losers included Shriram Finance, Eternal, Sun Pharma, Tata Steel and Cipla.

Read More: Jio BlackRock Mutual Fund gets SEBI nod to launch 4 passive funds

In stock-specific action, Network 18 Media shares rose 12 percent as June quarter EBITDA jumps 69 percent, ICICI Prudential shares down nearly 3 percent on weak topline, Dixon Tech shares added a percent as CLSA and Nomura turn bullish on new acquisition and JV.

Coffee Day shares jumped 20 percent, 20 Microns surges 15 percent as Dolly Khanna buys stake, Raminfo shares rose 5 percent on Rs 14.14 crore project win, Shilpa Medicare shares gained nearly 5 percent on EIR from USFDA for Bengaluru unit, and ITC Hotels shares added 4.5 percent after Q1 net profit jumps 54 percent.

More than 120 stocks on the BSE touched their 52-week highs, including Schneider Electric Infrastructure, Krishna Institute of Medical Sciences, RBL Bank, Nippon Life India Asset Management, Asahi India, MRF, Global Healthcare, Biocon, HDFC AMC, EID Parry, UTI AMC, Anupam Rasayana, among others. Click to View More

Outlook for July 17

Shrikant Chouhan, Head Equity Research, Kotak Securities

Today, the benchmark indices experienced narrow-range activity, with the Nifty ends 16 points higher and the Sensex gain 64 points. Among sectors, the PSU Bank index outperformed, rallying over 1.70 percent, while selective profit booking was observed in Metal and Defense stocks. Technically, a small candle on the daily charts and range-bound intraday activity indicate indecisiveness between the bulls and bears.

We believe that 25,100/82,300 will remain act as a key support zone for traders. As long as the market trades above this level, the bullish sentiment is likely to continue. On the higher side, the market could bounce back to the 20-day SMA (Simple Moving Average) or 25,300/83,000. Further upside may also push the market up to 25,450/83,600.

Conversely, below 25,100/82,300, the sentiment could change. If the market slips below this level, it could decline toward the 50-day SMA or the 25,000-24,930/82,000-81,800 zone.

Rupak De, Senior Technical Analyst at LKP Securities

The Nifty continues to face resistance at the crucial level of 25,260, which is the 38.20% Fibonacci retracement of the recent decline from 25,669, indicating indecision among investors at the higher level. On the daily chart, the index has been sustaining above the 50-day moving average (50DMA), signifying a positive short-term trend.

As long as it remains above 25,000 on a closing basis, the sentiment is likely to stay bullish, with a "buy on dips" strategy appearing favourable. On the higher side, a decisive move above 25,260 could trigger a rally towards 25,500 and beyond.Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.