Dalal Street snapped its four-day winning streak on the weekly Futures & Options expiry session on Thursday amid a global market sell-off. Sensex tanked 621 points of 1.03% to end at 59,601 while NSE Nifty 50 sunk 179 points or 1% to close at 17,745. Bajaj Auto was the top gainer, up 1.77%, followed by IndusInd Bank, Bharti Airtel, and Maruti Suzuki India. Ultratech Cement was the worst Sensex performer, falling 2.58%, accompanied by Tech Mahindra, Reliance Industries, and HCL Technologies. Bank Nifty was down 0.55% on the closing bell while broader markets closed mixed. India VIX soared 4.34% and closed just shy of 18 levels.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments –
“Despite opening down with a gap, the index was quick to bounce from the lows. Until we do not break 17200, the short-term trend of the market is positive. Intraday corrections can be utilized to accumulate long positions for a target of 18050-18100. Closing below 17200 would be the stop.”
Rohit Singre, Senior Technical Analyst at LKP Securities –
“Index opened the day with a gap down but in the second half managed to recover some losses and closed a day at 17746 with loss of one percent & formed a doji sort of candle on the daily chart. Index has formed good support zone near 17700-17600 zone & we have witnessed a decent pullback from the same range so going forwards also mentioned levels will act as good support also dip near said levels will be again buying opportunity, on the higher side hurdle zone if formed near 17825-17900 zone we may see profit booking again around 17900 zone.”
Sachin Gupta, AVP, Research, Choice Broking –
“On a technical chart, the nifty index has taken immediate resistance at upper Bollinger Band formation and traded below it. An indicator MACD & RSI is still trading with a positive crossover that supports the bullish trend. At present, the Index has support at 17600 levels while resistance at 18000 levels. On the other hand, Bank nifty has support at 36700 levels while resistance at 38000 levels.”
Vinod Nair, Head of Research at Geojit Financial Services –
“Following a sharp fall in western markets, the domestic market witnessed a gap-down opening and extended its losses led by selling in IT, realty and oil & gas shares. Global markets were wounded by heavy selling as Fed meeting minutes pointed to a faster than expected policy rate hike considering elevated US inflation levels. Investors are also watching the fast spread of covid cases and stricter restrictions being imposed as it would keep the market highly volatile in the coming days.”
Mohit Nigam, Head – PMS, Hem Securities –
“On the technical front, Nifty’s immediate support and resistance can be 17,500 and 18,000 respectively. While for Bank Nifty 36600 and 38000 may act as immediate support and resistance.”
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