Indian benchmark indices ended lower in the volatile session. The NSE Nifty index closed below 18,400, down by 0.4% to end at 18,333. The BSE Sensex closed down by 230 points, to end the trading session in the red at 61,750. Bank Nifty ended down 77 points or 0.18% down at 42,458. Analysts remain bearish on Nifty, say the index may fall in near term to 18,250 levels. Nifty resistance seen at around 18,450. Contra traders can take long bets on Nifty and Sensex at 18,200 and 61,200 with strict stop loss at 18,150 and 61,000 support respectively.
Rupak De, Senior Technical Analyst, LKP Securities
Nifty started lower and remained volatile throughout the day. On a closing basis, Nifty bulls were able to hold the crucial support of 18300. The RSI (14) on the daily chart has entered a bearish correction. Going forward, a fall below 18,300 may trigger a correction towards 18100-18000. On the other hand, resistance is visible at 18,450.
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Deepak Jasani, Head of Retail Research, HDFC Securities
Nifty closed lower on Thursday (down 0.36% or 65.8 points at 18343.9) after two day gains due to mixed global cues. It remained in a 105 point band through the day, suggesting limited intraday volatility once again. Triggers for market wide movement are missing even as the new age stocks kept coming under selling pressure on expiry of lock in period and some bargain hunters came in to buy at lower levels. As expected, Nifty fell and could fall some more in the near term and remain in the 18,259-18,442 band.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
Technically, on intraday charts, the index has formed lower top formation which is broadly negative. However, the medium term texture of the market is still on the bullish side. We are of the view that 18,400/62,000 could be the immediate hurdle for the bulls. Below which, they could retrace till 18,250-18,200/62,450-61,200. On the flip side, 18400/62000 would be the fresh breakout levels for the bulls, above which the indices could move up to 18,500-18,535/62,300-62,500. Contra traders can take long bets near 18,200/61,200 with strict 18,150/61,000 support stop loss level.