Sensex erases intraday gains on weak global cues, Nifty closes at 17,101, support around 16,800

S&P BSE Sensex ended 76.71 points or 0.13% lower at 57,200 while Nifty 50 closed at 17,101.95, down 8.2 points or 0.05%.

Sensex today
Broader markets closed with gains. (Image: REUTERS)

Dalal Street headline indices started the day in the green but failed to hold on to their gains amid yet another volatile trading session. S&P BSE Sensex ended 76.71 points or 0.13% lower at 57,200 while Nifty 50 closed at 17,101.95, down 8.2 points or 0.05%. NTPC was the top gainer, up 3.82%, followed by Sun Pharma, IndusInd Bank, and ITC. Down in the red was Maruti Suzuki, falling 3.04%, accompanied by Tech Mahindra, Power Grid Corporation, and ICICI Bank. Broader markets outperformed and closed with gains. India VIX closed 1.76% lower while Bank Nifty fell 0.77%. 

Deepak Jasani, Head of Retail Research, HDFC Securities –

“Asian stock markets were mixed Friday and mostly weakened from high opening levels through the day. Europe’s main bourses fell again on Friday as worries about a sudden stop to central bank stimulus and rising tensions between Western powers and Moscow continued to drive world stocks to one of their worst ever starts to a year. Nifty closed the week, lower by 2.92% recording the second-worst week in 2022. Nifty pulled back after facing resistance at close to 17400. FPI selling seems relentless even after the F&O expiry on the previous day. This seems to be more global decision than pertaining to just India. 16998- 17374 could be the band in the near term while this band could widen on and post the Budget day next week.”

Palak Kothari, Research Associate, Choice Broking

“On the technical front, the index has confirmed the bearish engulfing candlestick pattern on the weekly chart but it has taken support from 78.6% RL of its previous up rally which suggests sustained above the same can show bounce back movement in the counter. At present, the Index has support at 16830 levels while resistance comes at 17450 levels, crossing either side can suggest further direction. On the other hand, Bank nifty has support at 37000 levels while resistance at 38500 levels.”

Rupak De, Senior Technical Analyst at LKP Securities

“Nifty remained volatile during the day as it found resistance around 17400 before falling towards 17050. Going forward the volatility is likely to continue; on the higher end, 17400 may remain as crucial resistance. On the lower end, 17050-17000 may act as support for the falling Nifty, below which the index may drift down towards recent swing low of 16836.”

Yesha Shah, Head of Equity Research, Samco Securities –

“Global markets were in the midst of a selloff this week, primarily due to the expectations of Fed’s stance and mounting concerns in Ukraine about a potential war with Russia. Moving in sync, Dalal Street was painted red as the Indices began the week with their biggest decline since April 21. Nifty closed negative for the week and is trading around its 100 day EMA on the daily chart. The recovery in the last trading session indicates that the index seems to have found a cushion at the previously established demand zone of 16,850.”

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