Sensex extends fall to the third day, Nifty may continue moving sideway till US Fed meet, support around 15600

S&P BSE Sensex slipped 153 points or 0.29% to settle at 52,693 while the NSE Nifty 50 shed 43 points or 0.27% to finish the day’s trade at 15,732.

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Bank Nifty dropped 94 points to end at 33,311 while India VIX fell 2.15% and gave up 22 levels.  (Image: REUTERS)

Bears continued to dominate Dalal Street on Tuesday, as headline indices marked the third day of downward movement. S&P BSE Sensex slipped 153 points or 0.29% to settle at 52,693 while the NSE Nifty 50 shed 43 points or 0.27% to finish the day’s trade at 15,732. Both Sensex and Nifty traded volatile throughout the day. Bajaj Auto was the worst-performing Sensex stock, falling 4.71%, followed by IndusInd Bank, Tech Mahindra, and Reliance Industries. Up with gains were NTPC, Ultratech Cement, Bharti Airtel, and M&M. Bank Nifty dropped 94 points to end at 33,311 while India VIX fell 2.15% and gave up 22 levels. 

Deepak Jasani, Head of Retail Research, HDFC Securities –

“On an intraday basis, Nifty made a lower low compared to the previous session and closed lower. Nifty has closed at the lowest in 11 months. Nifty has formed a near “Inverted Hammer” pattern which has bullish implications. Markets globally could remain nervous till the US Fed meet on June 15 gets out of the way. 15431-15513 band could provide support while 16173 could offer resistance over the next few sessions.”

Rupak De, Senior Technical Analyst at LKP Securities –

“The Nifty started the day on a negative note on Tuesday and remained mostly sideward during the day. On the lower end, it found support at the historical swing low and before closing a bit higher. The daily RSI is in the bearish crossover. The trend is likely to remain sideward in the short term. On the lower end, support is visible at 15650. On the higher end, resistance is placed at 15900/16000.”

Palak Kothari, Research Associate, Choice Broking – 

“Nifty has taken support from rising horizontal line i.e., 15660 which is a make or break level. Nifty has given closing below 100*200-Hourly Moving Averages which is a weakness in the trend. On OI Data Side, the Highest Call side OI is at 16000 marks while highest Put Side OI is at 15500 marks.The Nifty may find support around 15600 levels while on the upside 15900 may act as an immediate hurdle. On the other hand, Bank Nifty has support at 32700 levels while resistance at 34000 levels. Overall, the Nifty is looking weak on charts breaching below 15660 level can show more downside in the counter. Investors should keep close eye on US markets for trade direction.”

Vinod Nair, Head of Research at Geojit Financial Services –

“Domestic market restrained from heavy sell-off as CPI data moderated on an MoM basis and this had a calm down effect amidst global volatility. However, elevated WPI data continued to dominate the broad market, which is cautious awaiting tomorrow’s outcome of Fed policy. Earlier the global market was anticipating a 50bps hike but now is worried about a higher rate hike due to persistent US inflation.”

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