Sensex closes 544 points down from day’s high, Nifty fails to regain 15,000 as benchmarks end flat

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March 8, 2021 4:18 PM

Domestic equity benchmarks returned to positive territory after falling for the previous two sessions.

stock marketLarsen & Toubro and ONGC were the top gainers on Sensex. (image: REUTERS)

Domestic equity benchmarks returned to positive territory after falling for the previous two sessions. However, Sensex ended 544 points down from its intra-day highs and Nifty failed to hold above 15,000 after having breached the levels earlier in the day. Larsen & Toubro and ONGC were the top gainers on Sensex. Bajaj Finance and IndusInd Bank were the top drags. India VIX or the volatility gauge slipped 3.46% to end at 24.68. Midcap and Smallcap indices mirrored the benchmarks. Among sectoral indices, Nifty PSU Bank and Nifty Media were the top gainers.

Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities-

“The market is following global cues, which are going highly volatile and based on the trend of the long term bond yields.  However, it’s a corrective pattern to the vertical rally that almost all the indices across the world witnessed between 1st February to 16th of February. We could see further decline until the market is not crossing 15280/51540 levels. On Tuesday, Nifty/Sensex would find the support between 14860/14890 (50150/50200) levels, however, on the dismissal of 14860/50150, indices could fall to 14730/50000 or 14650/49500 levels. The focus should be on the Oil & Gas related stocks.”

Vinod Nair, Head of Research at Geojit Financial Services

“Domestic markets pared its early gains taking cues from weak Asian markets, falling US futures and rising oil prices. Oil & Gas, PSU Banks and Metal stocks were the sectors in focus inching broader market. Oil prices were parked near record highs following geopolitical issue in Gulf while reports of the progress of PSU Bank privatization tempered buying in PSBs.”

Rohit Singre, Senior Technical Analyst at LKP Securities

“Index opened a day with gains but unable to sustain on highs and after showing good volatility index closed a day at 14959 with mild gains of 21 points. The index has formed stiff resistance near 15070 if the index managed to cross the above-said levels then some positive traction can be witnessed in the index and we may see a good move towards a good hurdle zone of 15150-15240 zone, immediate support for nifty is coming near 14900-14850 zone.”

Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments –

“As expected, the markets have been trading sideways all day. We were not being able to get past 15300 or break fiercely below 14800. A trigger of either level will pave the way for the next rally up or down. Until then traders would be advised to tread cautiously with strict stops.”

Ajit Mishra, VP – Research, Religare Broking

“Markets ended flat in a volatile trading session, in line with the prevailing consolidation phase. Markets are currently dancing to the global tunes so a breakout/breakdown in the world markets might trigger the next directional move here. Meanwhile, participants should restrict naked leveraged positions and focus more on selection of stocks. Crude oil prices and bond yields would continue to remain on their radar for cues. On the domestic front, COVID-19 cases, macro data like IIP, CPI would also be actively tracked.”

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