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Sensex ends in red for fourth day running, Nifty support placed at 18,000, expect recovery next week

Bulls attempted to make a comeback during the early trade on Friday but failed to hold their ground, forcing Dalal Street to close in the red for the fourth day running.

Elsewhere in Asia, the markets ended mainly lower on Tuesday amid stress caused by fresh coronavirus infections in China.

Bulls attempted to make a comeback during the early trade on Friday but failed to hold their ground, forcing Dalal Street to close in the red for the fourth day running. S&P BSE Sensex fell 101 points to 0.17% to close at 60,821 while NSE Nifty 50 dropped 63 points or 0.35% to end at 18,114. HDFC was the top Sensex gainer, jumping 2.25%, followed by Bajaj Auto, IndusInd Bank, and Kotak Mahindra Bank. Reliance Industries closed 0.15% higher ahead of the quarterly results. ITC was the worst performer on Sensex, galling 3.39%, followed by Maruti, and Infosys. Bank Nifty continued to outperform, closing above 40,300 on Friday. Midcap and small-cap indices fared worse than largecap peers. 

Rahul Sharma, Director & Head – Research, JM Financial

“Volatility has been the talk of the town. Expect markets to take support at 18,000 on closing basis and recovery to happen in next week. Bank Nifty remains the star performer with more upside to come in Banks.”

Deepak Jasani, Head of Retail Research, HDFC Securities-

“Advance decline ratio dipped to sharply negative from sharply positive in the morning. Nifty ended the week with a loss of 1.22%. On a weekly basis, Banks (including PSU Banks) were the main sectoral gainers while FMCG, Metals, Realty, Pharma and Auto were the largest losers. On weekly charts, Nifty has formed a bearish Dark cloud cover. On falls, 17948 could be a good support.”

Rohit Singre, Senior Technical Analyst at LKP Securities

“Index closed a week at 18114 with loss of more than one percent on weekly basis and formed a dark cloud cover candle pattern on weekly chart which is bearish reversal candle pattern by nature so if we slipped below 18k mark we may see short term reversal in index. The index has formed consecutive bearish candles throughout this week which hints bears are trying to grip the market from higher levels & which will be possible if we drag below the 18k mark in the coming week, immediate supports for nifty is coming near the 18k mark followed by 17950 zone if index managed to hold above 18k mark one can expect a swift pullback & resistance is coming near 18250-18350 zone”

Mohit Nigam, Head – PMS, Hem Securities –

“Immediate support for Nifty 50 is 18,000. According to our analysis if the market is able to sustain the level of 18000 then we can see a reversal in the market. We believe market direction in the near term will depend on Q2FY22 earnings and their management commentary, demand in festive seasons and commodity prices.”

Vinod Nair, Head of Research at Geojit Financial Services

“Despite a strong opening owing to favourable global cues, domestic indices continued its losing streak succumbing to profit booking and barring banks and realty stocks, all major sectors bled. The global market traded green as investors welcomed a surprise interest payment by China’s debt-ridden major property developer. However, the Indian market is impacted by muted Q2 results, which are weak than forecasted due to high input cost.”

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