Sensex, Nifty end in green after 3 days of loss; China lockdown concerns linger, global trend bullish | The Financial Express

Sensex, Nifty end in green after 3 days of loss; China lockdown concerns linger, global trend bullish

Sensex ended at 61,418, up over 270 points, Nifty ended at 18244, up 84 points.

Sensex, Nifty end in green after 3 days of loss; China lockdown concerns linger, global trend bullish
Nifty ended at 18,512, up 0.15%, while the Bank Nifty index lost 0.2% in trade today to close at 42,983. All sectors traded between gains and losses.

Indian benchmark indices ended in the green, with BSE Sensex and NSE Nifty gaining about 0.4% each, snapping a three-day losing streak. Sensex ended at 61,418, up over 270 points. Nifty ended at 18244, up 84 points. Volatility gauge, India VIX, ended at 13.84, down by 6.45%. All of Nifty’s sectoral indices ended in the green, barring Nifty Realty which ended 1.22% down. Nifty PSU Bank was the biggest sectoral gainer, ending up 1.66%. “After three days of risk aversion, the domestic market experienced a relief rally in response to a bullish trend in global markets. The tight COVID lockdown in China, however, has negatively impacted the forecast for global growth,” said Vinod Nair, Head of Research, Geojit Financial Services.

Rupak De, Senior Technical Analyst, LKP Securities
Nifty started flat following global peers and moved up higher by the end of the session. On the higher end, it moved back above 18200. A bullish harami pattern on the daily chart suggests a recovery in the term. The trend looks sideways to positive. Going forward, 18200 may provide immediate support below which the index may drift down towards 18100. On the higher end, resistance is visible at 18300/18450.

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Deepak Jasani, Head of Retail Research, HDFC Securities
Small-cap index underperformed compared to the Nifty even as the advance decline ratio improved to 0.92:1. Asian stock markets mostly recouped early losses on Tuesday, supported by improved sentiment for China shares, but concerns linger that Beijing may reimpose strict COVID curbs while European shares edged higher on Tuesday, supported by a recovery in commodity stocks including oil. Nifty recovered on Nov 22, as expected and could rise some more. The next resistance for Nifty is the 18273-18308 band while 18133 could offer support on falls in the near term.

Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One
There has been no substantial change in the market outlook as the bulls firmly withheld their support zone and showed their presence by the fag end. The undertone is expected to remain upbeat till Nifty sustains above its sacrosanct demand zone of 18100-18000. Looking at the technical setup, until the index surpasses its swing high of 18450 in a decisive manner, a range-bound movement could be continued in the comparable period. Simultaneously, some tentativeness could be sensed ahead of the November month expiry, and participants are keeping a cautious approach in the market.

Going forward, many stock-specific adjustments are likely to continue and provide substantial trading opportunities. And even though the indices may not be doing much, the individual stocks are not at all short of action. Hence one should continue to identify such potential movers and trade accordingly and stay abreast with global and domestic developments on a regular basis.

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First published on: 22-11-2022 at 16:26 IST