BSE Sensex and Nifty 50 snapped the four-day gaining spree on Tuesday, settled over half a per cent down.
BSE Sensex and Nifty 50 snapped the four-day gaining spree on Tuesday, settled over half a per cent down. BSE Sensex fell 340 points or 0.69 per cent to end at 49,161, while the broader Nifty 50 index settled at 14,850, down 92 points or 0.61 per cent. Market breadth was negative as 1,844 stocks advanced while 1,205 declined. A total of 190 scrips remained unchanged. In the broader market, S&P BSE smallcap index hit a fresh 52-week high of 22,679 in intraday deals. While at closing it settled at 22,606, up 180 points or 0.80 per cent. S&P BSE Midcap index too outperformed BSE Sensex, gaining 0.6 per cent or 125 points to settle at 20,933.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
The index respected the 14700 level and closed way above it. We are in an interesting juncture where the Nifty is expected to achieve 15200-15250 and the stop is a close below 14700. We are closer to the stop than the target which makes this a good risk reward trade!
S Ranganathan, Head of Research at LKP Securities
On a day when markets corrected due to weak global cues ahead of CPI expected tomorrow, we witnessed plenty of action in the PSU space. The broader market saw immense action in the AGRI space with several stocks posting handsome gains.
Rohit Singre, Senior Technical Analyst at LKP Securities
Index opened a day with a strong gap down but managed to hold its bullish stream since the start of the day and closed a day at 14847 with loss of nearly one per cent. The index has a stiff hurdle on the higher side near 14900-15000 zone any daily close above 15k mark can only activate the overall bullish stream otherwise we may again see selling pressure from higher-end, supports are coming near 14775-14700 zone holding above said levels structure will be positive.
Sumeet Bagadia, Executive Director, Choice Broking
It was the volatile session for the day as after a gap down opening, the nifty index showed some recovery in the early session, but after that, the bear again dragged the market downward. Technically, the nifty index traded below the falling trendline as well as the upper band of Bollinger formation on the daily chart, which acts as an immediate resistance for the counter. However, the nifty has given closing above 50 DMA and Ichimoku Cloud formation, which points out bullish strength in the index. At present, the nifty index is holding support at 14700 levels while an upside resistance seems at 15000 levels.
Vinod Nair, Head of Research at Geojit Financial Services
Rising commodity prices, like international steel price, are at a record high which has instilled a fear in the world market of rising inflation. Global markets are retreating in anticipation of future interest rates hikes, in which the technology sector will be heavily impacted as it has benefitted the most during a pandemic. Indian metal stocks witnessed mild profit booking while buying interest is seen in PSE stocks.
Mohit Nigam, Head, PMS Hem Securities
Markets recovered from day’s low and ended on down 0.7% . Nifty managed to hold important support levels of 14,800 . Public company stocks showed some buying interest in the market with the Nifty PSE index up by 3.11 percent and Nifty PSU up by 1.12 percent. Coal India, NTPC and IOC were among the top gainers in Nifty 50 while JSW Steel, Hindalco and Kotak Mahindra Bank were among the top losers in Nifty 50 today. 14500-15000 is the range which needs to break for fresh wider movement.