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Sensex ends in red for third day running, Nifty support around 15800-16000 levels ahead of F&O expiry tomorrow

S&P BSE Sensex ended 303 points or 0.56% lower at 53,749 while Nifty 50 fell 99 points or 0.62% to settle at 16,025.

Sensex, Nifty
S&P BSE Sensex ended 303 points or 0.56% lower at 53,749 while Nifty 50 fell 99 points or 0.62% to settle at 16,025. (Image: REUTERS)

Sensex and Nifty danced between gains and losses on Wednesday before closing in the red for the third day running. S&P BSE Sensex ended 303 points or 0.56% lower at 53,749 while Nifty 50 fell 99 points or 0.62% to settle at 16,025. NTPC zoomed 3.8% as the top Sensex gainer, followed by Bharti Airtel, HDFC, and Kotak Mahindra Bank. Asian Paints tanked 8%, accompanied by TCS, and Tech Mahindra. Bank Nifty outperformed the headline indices, gaining 0.14% to end at 34,339. India VIX, the volatility gauge, fell 1.4% but is still above 25 levels.

Deepak Jasani, Head of Retail Research, HDFC Securities –

“Bank index was the sole gainer while IT, Capital Goods, Oil & Gas and Realty were the large losers amongst sectors. Volumes on the NSE were below the recent average. Global markets were flat to up waiting for fresh triggers. Nifty is amongst the worst-performing indices in the Asian region. 15842 is the next support for the Nifty while 16263 remains a stiff resistance.”

Rupak De, Senior Technical Analyst at LKP Securities –

“Bulls have managed to hold the 16000 mark as bears remained at the helm throughout the day. So far, bears have taken 400 points from the market in the last few days. Over the near term, 16000 is likely to act as the line of polarity; a fall below 16000 may trigger a severe correction in the market.”

Om Mehra, Research Associate, Choice Broking –

“Technically, Nifty has formed three black crow patterns in the daily chart suggesting bearishness would remain intact. We expect a rise in volatility as well on the monthly expiry day. Riding against the trend may not be beneficial for short term traders. All major moving averages are lying above 16300 levels. Indicators such as MACD and RSI are still struggling to overcome the oversold zone in the daily time frame.  Overall, Nifty is having support at 15800 mark while on the upside 16300 may act as immediate resistance for monthly expiry. While Banknifty has support around 33500 while resistance is placed at 35200 on the daily chart.”

Mohit Nigam, Head – PMS, Hem Securities –

“Immediate support and resistance for Nifty are 16,000 and 16,200 respectively. Immediate support and resistance for Bank Nifty are 34000 and 34,600 respectively.”

Vinod Nair, Head of Research at Geojit Financial Services –

“Domestic indices wavered tracking mixed sentiments from the global markets as investors assessed the possibility of a recession in the US followed by the Fed policy tightening. Global markets are awaiting the release of the Fed minutes, which will be evaluated for details on the path of the upcoming rate hikes. In this whipsaw market, investors can resort to defensives & value stocks & sector.”

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