Sensex ends flat, Nifty Bank falls 1%; Nifty may head towards 15,600, if it crosses 15,300

Nifty again closed the day with minimal gains at 15208 and formed a bearish candle on the daily chart, said an analyst. Image: Reuters

BSE Sensex snapped its two-day gaining streak and ended flat with a negative bias. NSE’s Nifty too settled flat after surging to a day’s high of 15,294 in intraday deals. Sensex ended 14 points down at 50,637.5 and Nifty gained 11 points to settle at 15,208 on the back of profit booking in the financials. In the broader market, the S&P BSE MidCap index fell 0.3 per cent to 21,602, while the S&P BSE SmallCap index rose 0.3 per cent to end at 23,351.87. The India VIX, also known as the fear gauge of the market, ended at 18.84, down 1.50 per cent. Its previous close was at 19.13. The fear gauge helps investors and traders predict the volatility expectation for the span of around 30 days.

Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments

15300 has posed as a resistance today. If we can get past that, we will achieve 15550-15600. We have good support at 14900-15000 and till we hold that level, we are in bullish territory and can utilize any correction to accumulate long positions.

Rohit Singre, Senior Technical Analyst at LKP Securities

Nifty again closed a day with minimal gains at 15208 and formed a bearish candle on the daily chart. The index has very good base around 15100-15000 mark any dip near said levels will be again buying opportunity with keeping overall stop out level below 15k mark, until & unless we don’t see any close below 15k mark structure will be positive and we may head towards 15330-15430 zone which will be immediate levels to book profits on the higher side.

Anand James, Chief Market Strategist at Geojit Financial Services

Double rejections at 15250 yesterday, one each at the opening hour and the closing hour, had raised the possibility of a pullback today. So, even though, opening burst took Nifty shortly past 15250, it could not sustain, lending a weak bias through the first half of the day. This was mostly led by banks. However, positive global cues, as well as expectations of sectoral stimulus, held Nifty together, with metals as well as IT leading the charge. Besides the derivatives expiry, traders will also be eyeing the 3rd phase of peak margin rules, which calls for a higher margin requirement for intraday trades. Nevertheless, the technical structure looks set for taking Nifty well past 15600 in a fortnight.

Vinod Nair, Head of Research at Geojit Financial Services

Market witnessed a positive opening following reports of next set of stimulus measures and declining covid cases while a selling streak in banking stocks forced the market to shed its morning gains and close flat. As per the reports, the central government is preparing the next set of support measures to minimize the second wave’s economic impact, especially for worst-hit sectors. Barring financials that witnessed profit booking, all major sectors traded in the green. Supported by global markets as Fed officials reiterated that the inflation is transitory beating down worries.

Sumeet Bagadia, Executive Director, Choice Broking

Technically, the nifty index has managed to close above 21 EHMA and sustained above prior resistance of 15140 levels from the last two trading sessions, that shows the positive trend will continue now and will act as a support for the market. Moreover, the Nifty sustained above the downward slopping trend line that suggests a bullish strength in the counter. Furthermore, the Index has formed a bullish marabozu on the hourly chart as well as the Stochastic oscillator is also showing a positive crossover which points to a bull run for upcoming sessions. At present, the nifty seems to have an immediate resistance at 15340 levels and major resistance is intact at 15450 levels while support is placed at around 15000 levels.