Sensex ends in red for fourth day straight, Nifty gives up 17300, support near 17200-17150 range

S&P BSE Sensex fell 329 points or 0.57% to reach 57,788, while NSE nifty 50 erased 103 points or 0.60% to settle at 17,221.

Market outlook
Equity markets remained under selling pressure on Wednesday (15 December) with indices ending in red for the fourth consecutive trading session (Image: REUTERS)

Bears remained in control of Dalal Street on Wednesday ahead of the US Fed’s policy statement. S&P BSE Sensex fell 329 points or 0.57% to reach 57,788, while NSE nifty 50 erased 103 points or 0.60% to settle at 17,221. The worst Sensex performer on the day was Bajaj Finance, falling 3%, followed by Bajaj Finserv, and Power Grid. On the other hand, Sun Pharma was the top gainer on Sensex, jumping 2.78%, accompanied by Kotak Mahindra Bank, Mahindra & Mahindra, and Maruti Suzuki India. Bank Nifty and broader markets mirrored the fall. India VIX closed above 17 levels, gaining 1.59%. 

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

“The index was unable to close in the green. We are still vacillating in the range of 17150-17600. The markets are definitely nervous at higher levels and are quick to give up intraday gains. We would need to get past either level to see the emergence of a meaningful trend.”

Rohit Singre, Senior Technical Analyst at LKP Securities

“One more negative session as the index closed at 17221 with loss of nearly one per cent and formed a bearish candle on the daily chart. The index managed to close near a good support zone of 17200 if managed to hold above-said levels we may see swift bounce otherwise we may see more drag down towards the 17100-17000 mark which is another support zone on the downside, on the higher side immediate hurdle is formed near 17300-17400 zone & if we cross above-said levels one can expect a positive breakout.”

Palak Kothari, Research Associate, Choice Broking –

“On the technical front, the index has been trading with lower highs & lower lows from the last three trading sessions which points out the weakness in the counter. Moreover, the index has been facing resistance from 21-DMA and sustained below the same which adds bearish momentum for the next day. A momentum indicator Stochastic suggested negative crossover on the daily time-frame, which confirmed a bearish move for the upcoming session. At present, the Index has support at 17150 levels while resistance comes at 17400 levels. On the other hand, Bank nifty has support at 36300 levels while resistance at 37500 levels.”

Vinod Nair, Head of Research at Geojit Financial Services

“Anxiety over a more anticipated hawkish policy statement by Fed pressurised the domestic indices to fall. Overall, Fed is expected to announce a faster end to its bond-buying campaign and may signal a rate hike in 2022 amid rising inflationary pressure. While foreign investors continued their selling spree, all sectors barring auto traded in negative territory.”

Ajit Mishra, VP – Research, Religare Broking –

“All eyes will be on the US Fed meeting tonight and we’re going to see the reaction in early trade on Thursday. While the majority expects that the committee would hold rates citing the possible challenges due to the new COVID variant, commentary on tapering, inflation and growth would be critical. Besides, we have weekly derivatives expiry scheduled so expect choppiness to remain high. Participants should wait for some clarity over the direction and limit positions.”

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