On the back of muted global cues, BSE Sensex gyrated 975 points intraday, ending in red for the fourth consecutive session on Monday. NSE Nifty 50 index fell 0.4 per cent or 70 points to settle at 17207 levels as investors monitored geo-political tensions between Russia and Ukraine. Index heavyweights such as Reliance Industries Ltd (RIL), Tata Consultancy Services (TCS), ITC, L&T, and Sun Pharma among others contributed the most to the indices fall. Broader markets underperformed the equity market benchmarks. S&P BSE MidCap index was down nearly one per cent or 190 points to 23,582, while S&P BSE SmallCap index tanked 611 points or 2.2 per cent to 27,137. Bank Nifty gained marginally to settle at 37,685.60. India VIX, the volatility index, gained 3.32 per cent to finish at 22.90 levels.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities
A small body of positive candle was formed on the daily chart with long upper and lower shadow. Technically, this pattern indicate a formation of high wave type candle pattern and this displays high volatility in the market. Normally, such formations after a reasonable declines indicate bottom reversal in the market. But, having formed this pattern at the high, within a narrow range movement, the chances of any important bottom reversal is ruled out. The mid part of long bull candle of 15th Feb is now acting as a support around 17100 levels. As per this pattern, a decisive move below 17100 levels could drag Nifty down to the lower end of that bull candle around 16840 levels in the near term. The short term trend of Nifty continues to be choppy with range bound action. Still there is no strong evidence of Nifty forming bottom reversals around the support of 17100 levels. Further weakness from here could open a next downside target of 16800 in the near term. Immediate resistance is placed at 17350 levels.
Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi Shares & Stock Brokers
Indian markets opened in red tracking global cues as investors continue to monitor Ukraine crisis amid rising tensions of potential invasion keeping investors on the edge for second consecutive week. During the afternoon session market pared some losses as buying in frontline stocks were aiding sentiment. Traders took some solace with Crisil Research’s statement that India’s industrial activity is expected to gather pace in the coming months owing to a gradual pick-up in consumption as well as investment demand. However, the relief rally couldn’t hold long and markets drifted lower in closing session as fresh news over Ukraine crisis dampened the fragile sentiments.
Vinod Nair, Head of Research, Geojit Financial Services
Domestic indices started weak taking cues from negative global peers but in between recouped most of its losses on reports of likely meeting between Biden and Putin over the Ukraine issue. However, the market could not stretch the direction and turned negative as uncertainty in the global markets continued. Investors stood sidelined impacting volumes. The market is expected to be volatile due to the upcoming Fed meeting and state election results.
Mohit Nigam, Head – PMS, Hem Securities
On the technical front immediate support and resistance level for Nifty 50 are 17050 and 17400 respectively. The key resistance level for bank nifty bank is 38100 and on the downside 37100 can act as strong support.
Palak Kothari, Research Associate, Choice Broking
On a daily chart, the Nifty 50 index formed a Doji kind of candle which suggest confusion between buyer and sellers. On an hourly chart, the index has been trading with lower highs & lower lows formation which points out a weakness for an upcoming session. Furthermore, the index has traded below the middle band of Bollinger which suggests downside movement in the counter. On a daily chart, the index has been trading below 21*50-DMA with the negative crossover which suggests weakness for the next session. Moreover, the daily momentum indicator Stochastic & MACD were also trading with a negative crossover which adds weakness in prices. At present, the index has support at 17000 levels breaching below the same can show further downside till 16900-16800 levels while resistance comes at 17500 levels. On the other hand, Bank nifty has support at 36800 levels while resistance at 38500 levels.
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