Domestic markets continued to slip on Friday. S&P BSE Sensex fell 143 points or 0.24% to close at 58,644 points while NSE Nifty 50 fell 43.9 points or 0.25% to end at 17,516. Sun Pharma was the top Sensex gainer, up 1.09%, followed by Asian Paints, Tata Steel, and Ultratech Cement. State Bank of India, Mahindra & Mahindra, and Bajaj Auto were the other top laggards. Bank Nifty closed 0.57% lower and broader markets mirrored the weakness. India VIX fell 1.36%. Among sectoral indices, Nifty Metals, Nifty FMCG, and Nifty IT closed with gains.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments –
“The index has been in a see-saw trend since yesterday. A definite trend is still to emerge. On the upside the Nifty needs to conquer 17800 for a clear bull rally to take off. On the downside 17200 needs to break on a closing basis for the trend to turn bearish. Until one of the two levels is not taken out, the market will remain volatile.”
Rupak De, Senior Technical Analyst at LKP Securities –
“Nifty remained volatile throughout the day with a bearish tone. The consolidation may continue in the short term as long as Nifty remains with the bands of 17400 and 17800. Any directional breakout in the near term may induce further significant move in the market.”
Sachin Gupta, AVP, Research, Choice Broking –
“On the technical front, the index has slipped below the prior bearish candlestick on the daily time frame, which points out the weakness in the counter for the time being. Moreover, the index has also traded below Middle Bollinger Band formation and 21-days SMA, which indicates further bearishness for the coming day. At present, the Index has support at 17400/17250 levels while resistance comes at 17800 levels. On the other hand, Bank nifty has support at 38300 levels while resistance at 39200 levels.”
Vinod Nair, Head of Research at Geojit Financial Services
“The domestic market continued to ride yesterday’s downtrend with most sectors barring FMCG and Metal facing sell-off. Western markets also lacked strength as the Bank of England imposed a back-to-back rate hike in yesterday’s policy meeting while the dovish ECB acknowledged the risk of rising inflation signalling a rate hike in the future. Wall Street remained highly volatile as a huge sell-off was seen in Meta (Facebook) post its earnings.”
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