BSE Sensex and NSE Nifty 50 ended flat but in opposite directions on Friday. BSE Sensex ended 37 points up at 58803, while NSE Nifty 50 ended in red at 17539. Stocks of index heavyweights such as Housing Development Finance Corporation (HDFC), HDFC Bank, ITC, L&T, and Axis Bank among others helped the index to remain in green. In the broader market, S&P BSE Midcap index ended in red, down 0.35 per cent or 90 points at 25,464, while Smallcap index ended marginally up at 28,801. Sectorally, Bank Nifty index gained 0.3 per cent to end at 39,421
Vinod Nair, Head of Research, Geojit Financial Services
The market has struggled for a firm direction today as global markets were largely under selling pressure ahead of the release of US job data, which could provide insight into upcoming Fed actions. Oil prices rose ahead of the OPEC+ meeting on the expectation of a reduction in output, despite the fact that weak global growth prospects remain a concern. A surging dollar index and rising US bond yields could be reflected in the elevated volatility of the domestic market in the near term.
Palak Kothari, Senior Technical Analyst, Choice Broking
On the technical front, the Nifty is trading in a range and formed a good base around 17450 level sustains above the same suggests strength in the counter. Nifty has taken support from 21-HMA as well as the lower band of Bollinger in an hourly chart which suggests strength to the upside. On the OI Data, On the call side, the highest was witnessed at 17800 followed by 17700 while on the put side was at 17300 level. The momentum indicator stochastic was bounced from the oversold zone and traded with a positive crossover on a daily time frame which suggests strength in the counter. The support for Nifty has shifted around 17450 levels while on the upside 17770 may act as an immediate hurdle. On the other hand, Bank nifty has support at 38500 levels while resistance at 40000 levels. Overall, the sector-specific movement has been observed majorly Media & FMCG stocks are looking bullish for an upcoming session. The investor can add on dips.
Amol Athawale, Deputy Vice President – Technical Research, Kotak Securities
Global macro-economic concerns continued to make investors jittery as markets gyrated sharply in intra-day trades before ending marginally higher on selective buying. Technically, the Nifty had formed bullish candle on weekly charts. However, after a stellar rally, the index witnessed profit booking at higher levels. Currently, the index is hovering between 17450 -17700 range. For traders now, the 20-day SMA (Simple Moving Average) and 17450 would be the important support zone while 17700 could act as a major hurdle for the market. We are of the view that directional upside move is possible only after the 17700 breakout. Above which, the index could move up to 17900-18000. On the flip side, below 17450 the index could retest the level of 17250-17150.