Sensex ends in green, Nifty down-trend still alive, 17200-17300 to act as resistance

S&P BSE Sensex ended 153 points higher at 57,260 while NSE nifty 50 closed 27.5 higher at 17.053.

Bank Nifty was down in red along with broader markets. (Image: REUTERS)

Domestic benchmark indices closed marginally higher on Monday while broader markets underperformed. S&P BSE Sensex ended 153 points higher at 57,260 while NSE nifty 50 closed 27.5 higher at 17,053. Among sectoral indices only Nifty Financial Services, Nifty IT and Nifty Consumer durables indices closed with gains while others were in the red. Bank Nifty was down in red along with broader markets. India VIX closed at 20.83 points. Kotak Mahindra Bank was the top gainer, up 2.4%, followed by HCL Technologies, Titan, TCS, and Bajaj Finance. Sun Pharma, Axis Bank, NTPC were the top laggards. 

Nagaraj Shetti, Technical Research  Analyst, HDFC Securities –

“The downtrend status in Nifty is still alive and the minor pullback rally is expected in the next 1-2 sessions. At the higher levels 17200-17300 is going to be a strong overhead resistance and expected to be a sell on rise opportunity in the market. The next lower supports to be watched at 16780 levels.”

Ajit Mishra, VP – Research, Religare Broking –

“We expect choppiness to remain high citing the prevailing uncertainty around the new COVID variant. Besides, on the domestic front, macroeconomic data like GDP numbers, core sector data and auto sales figures will further add to the volatility. We reiterate our cautious stance and suggest preferring hedged positions.”

Sachin Gupta, AVP, Research, Choice Broking-

“The index has also settled below 50-days SMA, which indicates some weakness. Moreover, a momentum indicator Stochastic & MACD has witnessed negative crossovers, which point-out a weakness in the index. At present, The Nifty has support at 16900/16700 levels while resistance at 17300 levels. On the other hand, Bank nifty has support at 35300/34800 levels and resistance at 36600/37400 levels.”

Rohit Singre, Senior Technical Analyst at LKP Securities

“Index closed a day at 17054 with minimal gains and formed a Doji candle pattern on the daily chart which represents indecision in the markets. Immediate support for nifty is coming near 16930-16800 zone  and on the higher side index has stiff hurdle around 17150-17270 zone also one can look for trimming their longs around mentioned resistance zone, overall strength will come only above 17350 zone & until trading below 17350 levels we may see sell on rise structure intact.”

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments –

“The Nifty has closed marginally above the 17000 level but that is hardly any solace – the trend in the short term continues to be negative. We resisted at the 17150 level and turned from there. If the 17000 mark gets disrespected, we could fall to 16500 which is the next level of support.”

Vinod Nair, Head of Research at Geojit Financial Services

“Domestic indices trimmed its early losses to trade modestly higher backed by IT and healthcare stocks, amid lingering worries over the emergence of the new covid variant. Global markets traded mixed as investors were torn between buying on dips and the uncertainties over the impact of Omicron on economic recovery. However, the global market has factored well the near-term uncertainty limiting further downside. On the domestic front, the telecom sector was in focus as all sector majors reported a rate hike, signalling an end to the low tariff regime.”

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