Dalal Street ends in red on weekly F&O expiry session, Nifty support in 15600-15650 range

S&P BSE Sensex fell 1,158 points or 2.14% to end at 52,930 while the NSE Nifty 50 index tanked 359 points or 2.22% to settle at 15,808.

HCL Technologies was the only Sensex stock to have closed with gains, up 0.08%. (Image: REUTERS)

Bears wreaked havoc on Dalal Street on the weekly expiry session, forcing benchmark indices lower for the fifth consecutive session. S&P BSE Sensex fell 1,158 points or 2.14% to end at 52,930 while the NSE Nifty 50 index tanked 359 points or 2.22% to settle at 15,808. HCL Technologies was the only Sensex stock to have closed with gains, up 0.08%. IndusInd Bank was the worst performer, down 5.7%, followed by Tata Steel, Bajaj Finance, and Bajaj Finserv. Bank Nifty fell 3.35% and the Nifty PSU Bank index tanked by more than 5%. India VIX was 6.45% on the closing bell at 24.27. 

Rupak De, Senior Technical Analyst at LKP Securities– 

“Nifty continues its downwards journey as the benchmark Index has closed sharply in the red for the day. However, the Nifty has reached near the previous swing low on the daily chart. Bounce may come in the market if the Nifty manages to hold above the previous swing low of 15671. Failure to maintain above 15650 may trigger a further correction on the flip side.”

Sumeet Bagadia, Executive Director, Choice Broking –

“Technically, The Nifty has formed a bearish candle on a daily chart. The next immediate support remains at 15650 followed by 15500 levels. While resistance is placed at 16050. Price ticking below the major moving average would be a concern for bulls. Indicators such as RSI and MACD are oversold zones. Hence buying would be expected after sustaining 16150 levels.  On the other hand, Bank nifty has support at 32500 levels followed by 32000 while resistance is placed at 34600 levels.”

Mohit Nigam, Head – PMS, Hem Securities –

“Fall in global equities after the US inflation data hinted at more aggressive tightening by the Federal Reserves to tackle a slowdown in economies world over dented traders’ sentiments. On the global front, all Asian markets and European markets were trading lower after U.S. consumer price inflation data released overnight did little to ease investor worries over the outlook for inflation and interest rates. Immediate support and resistance for Nifty are 15,600 and 16,000 respectively. Immediate support and resistance for Bank Nifty are 33,500 and 34,500 respectively.”

S Ranganathan, Head of Research at LKP securities –

“Benchmark Indices wilted 2.5% in afternoon trade on the back of weak global cues as investors booked gains unable to set right the puzzle around Oil, War, Currency, Inflation & Interest rates. Expectations of high CPI for April coupled with margin pressures seen in fourth-quarter earnings is further accentuating the selling pressure in equities which was evident in the number of stocks hitting yearly lows today as the Sensex broke 53K with all sectoral indices ending deeply in the red. With safe-heaven flows pushing the dollar index to twenty-year highs, investors now seem to be pinning their hopes on a resolution to the conflict at the earliest.”

Vinod Nair, Head of Research at Geojit Financial Services

“Yesterday’s release of higher-than-expected US CPI data suggests that the inflationary pressure will persist in the near term. However, it is presumed to have peaked and will gradually decline in-line with the ongoing fall in crude and other commodity prices, and slowdown in the economy. The Fed surprised the market with a hawkish stance, limiting liquidity, which limits further setbacks in the future. We can expect the market to stabilize as FIIs may reduce selling factoring inflation & Fed policy.”

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