Bears continued to control Dalal Street on Thursday cruising the upward movement attempted by benchmark indices earlier in the day. S&P BSE Sensex dived 366 points or 0.66% to settle at 55,102 while the NSE Nifty 50 index was down 107 points to 0.65% to end at 16,498. Power Grid was the top Sensex gainer, up 3.34%, followed by Tech Mahindra, and HCL Technologies. Ultratech Cement, Asian Paints, and Dr Reddy’s were the top laggards. Bank Nifty was down 1.2% and India VIX closed 3.66% lower.
Deepak Jasani, Head of Retail Research, HDFC Securities –
“Nifty formed a bearish engulfing pattern but this has occurred at the lows and hence its predictive power is limited. Advance decline ratio remains positive and the smallcap index has ended in the positive suggesting that the selloff by the FPIs is happening mostly in largecaps. 16356-16748 could be the band for the Nifty in the near term.”
Rupak De, Senior Technical Analyst at LKP Securities –
“Nifty ended lower after a volatile trading session. On the lower end 16450 acted as support whereas on the higher end 16700 acted as resistance. A bearish candle after doji suggests negative set-up. On the lower end, 16450 may remain a support; whereas, on the higher end 16650-16700 is likely to act as resistance.”
Sachin Gupta, AVP, Research, Choice Broking
“Technically, the nifty index has formed a long bearish candle on the daily chart that indicates a weakness for the coming day. Moreover, on an hourly chart, the index has been trading below 50-SMA & Middle Bollinger Band formation. An indicator MACD has suggested a negative crossover on the chart. At present, Nifty has immediate support around 16350/16200 levels while on the upside the resistance comes around 16650/16800 levels. On the other hand, Bank nifty has support at 34400 levels while resistance at 35900 levels.”
Mohit Nigam, Head – PMS, Hem Securities –
“The continued surge in Oil Prices and continuation of the Ukraine War is expected to dent India’s bond markets among the other Asian emerging markets. Expecting investors to take a cautious approach to investing, and selecting quality stocks at attractive prices. Nifty50 is expected to take support at 16,250 and resistance at 16,750, while bank Nifty support looks at 34,450 and resistance at 35,600.”
Vinod Nair, Head of Research at Geojit Financial Services –
“The subdued trend of the domestic market continued however the level of volatility is reducing. Today large caps were more muted, dragged by FIIs selling, compared to the broad market. The release of strategic reserves of oil in India & abroad along with increased output from OPEC is expected to ease crude prices in the future. Additionally, the Indian market will look at the state election exit poll data while the global market on war developments, BoE, and Fed policy meeting status from next week”
