BSE Sensex and Nifty 50 finished trade in the red for the sixth consecutive session on Wednesday, a day before monthly F&O expiry. Headline indices gave up most of their intraday gains and slipped into red in the fag end of the session, dragged by weakness in index heavyweight stocks. Sensex closed 68 points or 0.12% lower at 57,232 while NSE Nifty 50 ended 29 points or 0.17% lower at 17,063. Bank Nifty ended flat with marginal gains. Stocks of Reliance Industries Ltd (RIL), ICICI Bank, HDFC Bank, Housing Development Finance Corporation (HDFC), and L&T, among others dragged the indices the most. Broader markets outperformed the equity benchmarks. S&P BSE Midcap gained 0.6 per cent or 142 points to end at 23,558 while S&P BSE Smallcap index added nearly one per cent or 249 points to finish trade at 26,946.
Vinod Nair, Head of Research, Geojit Financial Services
As global markets turned positive, domestic indices opened the day on a positive note, however, witnessed high volatility and succumbed to selling pressure to close the day in favour of bears. The impact of geopolitical uncertainties and soaring fuel costs will continue to keep markets across the globe highly volatile. Broader markets outperformed benchmark indices while on the sectoral front, realty stocks attracted buyers.
Ajit Mishra, VP – Research, Religare Broking
Markets traded lackluster in a narrow range and finally ended marginally lower. Initially, the benchmark opened marginally higher however lack of follow-up buying capped upside. It hovered in a narrow band for most of the session which finally ended with a breakdown. Consequently, the Nifty index closed at 17,063.25 levels; down by 0.2%. Meanwhile, noticeable action on the broader front kept the participants busy. Mostly sectoral indices, barring realty, ended flat to marginally lower in line with the benchmark. Markets are gradually drifting lower amid excessive intraday volatility, mirroring the global markets. Meanwhile, a mixed trend on the sectoral front is further adding to the participants’ worries. In such a scenario, it’s prudent to restrict positions and wait for clarity over the next directional move.
Mohit Nigam, Head – PMS, Hem Securities
On the technical front, Nifty 50 may take immediate support and resistance at 16,850 level and 17,300 level respectively. In the case of Bank Nifty 36,900 and 37,600 levels will act as immediate support and resistance.
Rupak De, Senior Technical Analyst, LKP Securities
Nifty remained volatile as it failed to move beyond 17200 decisively. On the daily chart, a red candle has formed on top of the previous green candle. The momentum indicator is in bearish crossover on the daily timeframe. On the higher end resistance is likely to remain at 17200-17250. On the lower end support is seen at 16900-16850.
