Sensex, Nifty close in red once again; watch these levels to decipher where markets are headed next

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February 10, 2021 4:17 PM

Nifty Midcap 50 gained 1.14% while the Nifty Smallcap 50 index closed 0.87% higher. The fear gauge of domestic equities ended 1.62% lower at 23.88.

Sensex, Nifty, stock marketSensex and Nifty closed marginally lower for the second day straight.

Sensex and Nifty closed marginally lower for the second day straight. S&P BSE Sensex closed 19 points lower at 51,309 while Nifty 50 closed at 15,106. Benchmark indices recouped most intra-day losses but failed to end the day’s trade in the positive territory. Nifty Midcap 50 gained 1.14% while the Nifty Smallcap 50 index closed 0.87% higher. The fear gauge of domestic equities ended 1.62% lower at 23.88. Among sectoral indices, Nifty Bank, Nifty Private Bank, Nifty FMCG, Financial Services, and Nifty Metal closed with losses.

Shrikant Chouhan, Executive Vice President (Equity Technical Research), Kotak Securities –

The benchmark index moved in a narrow range. Today’s intraday activity has been lackluster with a momentum of near 190/650 points. The global cues were tepid too. Post the 1500/5600 points sharp rally, index is trading within a narrow range, which indicates bulls may have started feeling discomfort to go further long near 15250/51810. But technically, a fresh uptrend rally is possible only after 15270/51900. For the next few trading sessions, 15270/51900 should act as a trend decider level, above which we can expect a breakout rally towards 15315-15350/52500-53000. However, trading below 15045 /51300 could possibly open one more correction wave up to 14880/ 50800-50500 levels.”

Vinod Nair, Head of Research at Geojit Financial Services

“The market witnessed a slip in its momentum during a volatile day as losses in banking stocks weighed on the sentiment. Auto, realty and consumer stocks remained firm along with mid and smallcap indices outperforming. US markets remained positive, supported by upbeat quarterly earnings while the trend was followed by most of the global peers.”

Ajit Mishra, VP – Research, Religare Broking –

“Much on the expected lines, the benchmark traded volatile in a range and settled almost unchanged. We’re seeing a healthy pause after the budget up move and it’s more of a time-wise consolidation so far. We suggest keeping a close watch on the banking index for cues on the further directional move in Nifty. Also, earnings announcements from some of the prominent companies like ACC, Ashok Leyland and ITC  will be in focus on Thursday. Amid all, we reiterate our bullish bias and advise continuing with the “buy on dips” approach.”

Manish Shah, Founder, Niftytriggers –

“The key highlight of the day was a sharpish reversal off the lows of the day. There is a small up gap between 15008-15053 and this gap has acted as a support to the falling market. The gap has performed the function it was supposed to. It managed to stop a falling market. Nifty showed a bottoming tail candle towards the end of the day. In a fast-moving market corrective declines may last for 2-3 days.”

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